Hyderabad-based payment solutions provider Paynear will launch an Android-enabled ‘Smart PoS’ in December on a pilot basis.
It will initially be used for ticket collection in State-run transport corporations in Telangana, Andhra Pradesh, Uttar Pradesh and Karnataka. The company will also run a pilot for property tax collection in Maharashtra and Telangana. Both the pilots, which will run for 90 days, will begin in December.
Currently, the company deploys mPos and feature PoS. The smart PoS, which comes with a printer, will be able to record consumer information and is card- and NFC-enabled unlike the previous variants.
Prabhu Ram, Group Chief Executive Officer and Managing Director, said the company is targeting government agencies for its new product.
“If we take public transport for instance, recording information about all travellers is hard as many bookings happen on the spot. Additionally 80 per cent of bookings are made in cash.
In case of tax collections, it takes over 210 days to get them accounted for and pilferage amounts to about 6 per cent. Having a Smart PoS will help increase digital transaction and customer information is not lost,” Ram added. Recently, the company was awarded licence to process GST. Ram said their customers will be able to file GST returns through Paynear platform from January 14, 2018.
The platform uploads invoices as and when transactions are made through the platform. So the merchant need not upload it separately, he added. The company has presence in 900 cities in India and has deployed around 80,000 devices. The platform handles about 4 lakh transactions daily. Ram said another 60,000 devices will be deployed by March 2018.
He said that with the acquisition of Singapore-based GoSwiff, which is a payment solution provider for banks, Paynear has access to 18 countries in South East Asia, Eastern Europe, West Asia and parts of countries such as Russia, Belarus and Armenia. Ram said it would help take Paynear technology to these markets, which otherwise would have been a challenge.
“With the acquisition, we expect our revenue to touch Rs 350 crore by 2018-19,” he added. The company registered a turnover of Rs 35 crore last year and expects to close this fiscal at Rs 90 crore. So far, an investment of Rs 65 crore has been made in the company.