The government will hold deliberations with the Reserve Bank of India (RBI) to work out a mechanism for bringing down merchant discount rates (MDR) which have increased from 0.25 percent of transaction value to 0.90 percent recently, a finance ministry official said.
If the RBI ensures equitable distribution of MDR margins between all parties, then the acquirers will have enough resources to deploy the expensive POS terminals across all establishments in the country and thus help grow digital transactions
The city-based ToneTag provides (near-field communications NFC), payments and location-based services using sound wave technology.
The POS system will be available at any HP authorised partner at a starting price of Rs 59,999 from October 15.
HP has unveiled a new point-of-sale (POS) system to reinvent how technology can transform the in-store experience for customers.
Samsung Pay to support SBI debit cards; now users can make payments without the need for a physical Card
SBI debit card users can also avail introductory cashback benefits upto Rs 500.
The demand for electronic products in India is expected to grow at a compound annual growth rate (CAGR) of 41 percent during 2017-20 to reach $400 billion by 2020.
The technology backbone of e-commerce has seen some maturity in 2016. We expect these to continue and evolve in 2017. Here is how technology impacted e-commerce in the year gone by.
To encourage purchase of PoS machines, the excise duty payable on acquisition of POS machine which was earlier 16.5 per cent has been waived till March 31
A National Encryption Policy draft was issued in late 2015. This was, however, withdrawn due to serious flaws. Since then, there has been no other announcement towards use of acceptable encryption in India.
Recent announcements by the government on POS (point of sale) expansion and incentivizing card payments show that it means business.
Government aims to computerise the PDS sector to help check pilferages and plug leakages by installing electronic Point of Sale (ePoS) devices at all fair price shops across the country by March 2017.
According to the Trend Labs report, SMB's attacked the most with PoS malware by 45 percent.
Debit and credit card owners in the country have been alerted by cyber security sleuths against the damaging activities of a virus which attacks Point of Sale (POS) business counters to steal confidential data like card number and passwords.<br />
The solution consists of a lightweight and robust card reader that can be plugged into smart device or feature phone, and turn it into an intelligent point of sale.
Prizm Payments would provide the technology and transaction processing platforms whereas MRL POSNET would provide the front-end activities for the POS network.