Customers will now be able to withdraw money, make phone recharges, bill payments and card payments, all through a single device. Oxigen Services, a payment services provider, has designed a new "super POS" (point-of-sale) terminal to cater to the needs of both merchants and banks, says a media report.
"A single device can now do cash-in, cash-out, debit, credit and RuPay card transactions, make bill payments, recharges, and tap-and-go transactions," PramodSaxena, Founder & MD, Oxigen Services, told Businessline.
Currently, banks provide three separate devices for financial inclusion. A micro ATM for account opening, checking balances, etc, a PoS terminal to retailers for payment transactions through debit/credit cards, and a third device for transactions on mobile, wallets or tap-and-go payments.
The report said that super POS can provide all basic transactions with eight hours of battery operations and several days of stand-by capacity to meet customer's as well as merchant's requirements.
"You can call it the mother of all PoS terminals. We created a design based on this requirement, which also looked at the power situation, data coverage problems and other fluctuations in different Indian geographies,"According to Saxena.
In July this year, Indian Banker's Association had floated a global tender on behalf of all banks and Oxigen bagged the deal. Individual banks will place the order for the devices as per their requirements.
The super PoS device will cost Rs.18,000 to Indian vendors and Rs.35,000-40,000 to international ones and comes with a three-year warranty support. Vendors or banks can add their own applications on the device.
Oxigen Services, which has also applied for a payments bank licence, plans to roll out 20,000 such devices by the end of this financial year.
"The quantity demanded by banks is likely to be around one lakh. Further, from our side, we plan to issue two lakh additional terminals in the next two to three years," Saxena added.