After the demonetization, as the country started moving towards a cashless economy it is inevitable that businesses of all sizes should digitize their business and accept multiple payment types, be it cards, mobile wallets, UPI, etc. One of the most important part in any business is the Point Of Sale.
The card transactions at POS terminals have hit 60% post demonetization, up double from 30% in 2016; which has anticipated to drive the India POS terminals market growth over the forecast timeline.
But in India, the Point of Sale industry is in a scattered state. Only the big box retailers have access to some type of POS whereas the small retailers finds it too expensive. On the other hand, the penetration of debit, credit cards, and mobile wallets is quite high and smartphone users have also grown exponentially. Given this scenario, the POS players could see that smart business tools for small business owners is the need of the hour.
Leading POS players understood micro and small business owners at a much deeper level which is why the need for the hour for any business was a mobile point of sale that bundles all commerce and back-end office needs of a business. A seamless, secure and on-to-go POS using mobile devices such as smartphones or tablets.Nowadays, there is a revenue model built into the app which enables merchants to earn more by offering mobile recharge, utility bill acceptance, ticket booking, and gift card issuance to their customers, earning up to 8% per transaction. A Point of Sale software is easy to use, the merchant just needs to download the app, choose his plan and complete his KYC to get started.
POS provides different upgraded salient features to the retailers which helps them to run a smooth business such as- Cash Register which helps the retail merchant to manage items, take an order, accept payments and send out digital receipts wherever your customers are, then Omni Payments an integrated payment solution to accept any kind of payments – cash, debit & credit cards, credit (udhaar), meal vouchers, multiple mobile wallets, UPI, Invoicing and at times bitcoin.
Digital Payments Market Trends
According to the last Worldline report on India Digital Payments the number of point of sale (POS) terminals increased to 3.99 million in June 2019 from 3.31 million in June 2018, an increase by 20.5%.
It helps the merchants to maintain their stock (inventory)by creating a great product library. Merchant can add, edit or remove products in the app in seconds. It also lets the merchant receive reorder alerts detailing items that are running low or out, saving time and space.
The business tools also helps in monitoring business growth by providing access to reports on sales, items, and customers all in one neat summary for any date range. The merchant can access real-time data from anywhere making a running business a location-neutral activity.
Cashbacks, offers, discounts etc are few value added services provided by POS to help the retailers attract more consumers.
The recent innovations and upgraded feature which is helping the retail sectors to move and run the business efficiently is the QR payment solution which is a one-step quick payment solution. The QR code feature allows all the merchants to receive digital payments without the use of a Point-of-Sale (POS) swiping machine. The customer scans the QR code with any UPI app and enters the amount to be paid. The amount gets instantly credited to the merchant's account. Making both the merchant and the customers happy.
The article has been penned down by Pravinkumar Bhandari, Chief Business Officer, ePaisa