NEWS & ADVICE : CREDIT CARDS
RBI pondering to launch more POS terminals equivalent to the issuance of debit cards
By Ankit Sharma
Sep 18, 2014
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Reserve bank of India has asked bank to launch more number of Point of sales machine at the merchant establishment. RBI is thinking to connect the issuance of Debit cards with the establishment of POS machines.

RBI stated that under PMJDY, banks are creating millions of new savings account in turn millions of new debit card will get issued, so it is necessary to create equivalent number of new POS else it might lead to the increase in the use of cash.

These days use of electronic cash is high on demand therefore the card acceptance infrastructure needs to e created. Some banks are putting up new POS machines. However RBI has not finalized this decision but the bank is mulling over this thought.

According to the reports currently we have 1.1 million POS machines operational in the country at present, and even within those, there are some which do not accept other banks' debit cards. With the aim to increase the POS machines it is expected that similar to the white label ATMs RBI may come up with the concept of White label POS.


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