What's Stopping Business from Going Cashless?
The transforming payment ecosystem in India is partly driven by consumer preferences, technological enhancements, and active regulation. The digital transactions have seen a surge with support from initiatives by the RBI and the government, thereby redefining the market, and systems such as card payments, Aadhaar-enabled Payment Systems (AePS), Unified Payments Interface (UPI), Immediate Payment Service (IMPS), QR-based payments, and National Electronic Toll Collection (NETC) have played a key role in reducing cash reliance. The increasing retail industry, that comprises growth in outlets and higher spending from consumers, had only widened the demand for point-of-sale or POS terminals, which has become a basic tool for cashless transactions. Businesses all over the nation are increasingly adopting more advanced POS devices that help meet the higher preference for digital payments, making transactions easy, either through cards or mobile phones.
Government initiatives would include the Digital India campaign and GST. These would be crucial in encouraging the use of POS machines amongst large industries as well as retail, hospitality, or healthcare industries. The thrust for financial inclusion and digital expansion into rural areas opens up significant opportunities for growth in the market. However, challenges in the form of limitations in infrastructure, cost sensitivity in small and medium sized enterprises, regulatory compliance, and data security issues continue to overcome. Innovations and high-security POS solutions from key vendors like Ingenico Group, VeriFone, PAX Technology, Ezetap, Mswipe, and NGX Technologies are driving the market. Due to the continuous development of technology and supportive policies, the growth of the India POS device market has prospects. Companies are strategically collaborating and acquiring businesses to boost their market share and profitability. Through the current edition ‘10 Most Promising POS Solution Providers - 2024’ we have thoroughly researched and highlighted some of the key leaders in the market and industry. Read to know more about them.
Do let us know what you think!
Government initiatives would include the Digital India campaign and GST. These would be crucial in encouraging the use of POS machines amongst large industries as well as retail, hospitality, or healthcare industries. The thrust for financial inclusion and digital expansion into rural areas opens up significant opportunities for growth in the market. However, challenges in the form of limitations in infrastructure, cost sensitivity in small and medium sized enterprises, regulatory compliance, and data security issues continue to overcome. Innovations and high-security POS solutions from key vendors like Ingenico Group, VeriFone, PAX Technology, Ezetap, Mswipe, and NGX Technologies are driving the market. Due to the continuous development of technology and supportive policies, the growth of the India POS device market has prospects. Companies are strategically collaborating and acquiring businesses to boost their market share and profitability. Through the current edition ‘10 Most Promising POS Solution Providers - 2024’ we have thoroughly researched and highlighted some of the key leaders in the market and industry. Read to know more about them.
Do let us know what you think!
