Online payments platform, Paytm is going to enter the business of PoS (point of sale) terminals. The Vijay Sharma-led company hopes to have the most competitively priced network in the space.
PoS terminals are a money spinner for hosting banks due to surge in digital transactions. They make money on the interchange fee they charge for usage of their network. In March alone, India saw 465 million transactions worth Rs 90,300 crore from its around 31 lakh PoS terminals deployed across the country.
“We will transform the landscape of PoS payments. Just as we have done in other sectors. Paytm wants to be at the core of all payments irrespective of whether it is by a consumer or a merchant, and whether the consumer pays online or offline,” said senior executive of Paytm.
The company, which presently offers all payments instruments including IMPS, cards, e-wallets, and bank transfers, has started working PoS terminals on an experimental basis. The move is part of Paytm’s strategy to acquire more business this year in the highly competitive digital payments sector.