With government insisting banks to provide two million more card swiping machines before March 2017 to tide over the cash crunch triggered by demonetization drive, the demand for payment terminals among small and medium retail stores has gone up sharply across India.
The worst hits are, however, the small and medium traders, who are finding hard to retain customers due to acute cash shortage after government had announced demonetization of higher order currencies in November last year. The Government wants merchants to transact using card swipe machines, but the non-availability of such machines has put them in tight spot.
On an average, retailers lose 30-50 per cent of sales/business daily due to non availability of mobile payment terminals or card swiping machines as customers now increasingly prefer cashless transactions using credit/debit cards and mobile wallets.
Finding hard to source payment terminals locally, private and public sector banks are looking for suppliers outside India with China becoming the most preferred destination to get mobile card payment terminals.
Taking advantage of the impending huge market, mobile wallet payment companies such as Paytm, Freecharge, Easycharge M-swipe and Paynear are vying customers to buy their payment terminals to solve their payment acceptance crisis.
Paynear, for example, has invaded the market with its unique hand-held payment device, which can be used by any retail outlets to collect payment by way of cash or card. The Hyderabad-based company has claimed that through their machine, any bank card can be used to transact, withdraw money (as it acts as mini ATM as well), track sales, monitor inventory, buy bus tickets, and have hordes of other functionalities, all these for just a few hundred bucks and without any monthly subscription.
The app-based mPOS card reader can also work as Point of Sale (POS) device for small, medium and large retail enterprises as the payment terminal helps for easy checkouts, efficient customer relation management, astute sales promotion, etc to give customers a unique shopping experience.
Paynear payment terminal is also wi-fi enabled which can be connected to any Android or Apple smart phone. One has to download Paynear free app to connect the payment terminal for immediate transaction in three easy steps, says an official from Paynear.
The payment terminals are now available at Justransact for online purchase.