Will reach 1 lakh PoS devices network in FY18: ItzCash

Fintech firm ItzCash Card will add 70,000 point of sale terminals to facilitate digital transaction worth Rs 1,800 crore by the end of this fiscal.
Primarily into prepaid payments, ItzCash Card got into point of sale (PoS) terminal business after demonetisation and has since deployed 30,000 devices.
With the planned addition, the company's PoS network will reach 1 lakh devices by the end of 2017-18.
The company expects PoS deployment will contribute up to 15 per cent to its overall business.
"This is expected to enable 1 lakh small merchants and shopkeepers to accept payments digitally, making it convenient for customers in semi-urban and rural areas," a company statement said.

PoS terminals accept payments from credit, debit, prepaid cards and m-wallets and allow customers to withdraw cash and select instant EMI options to pay expenses.

Merchants owning ItzCash PoS terminal are also eligible to avail a pre-approved loan of Rs 25,000 for working capital requirements, ItzCash said.
"Post-demonetisation, we have seen a massive behavioural change in the mindset of traditional brick and mortar retail merchants towards digital payment.
"As per RBI data, we have only 1.5 million PoS machines in India, which underline the existing huge opportunity in PoS payments segment," Ravi Singh, Chief Business Officer of the company said.