Forget cash worries: Itzcash to deploy 1 lakh PoS terminals at local kirana stores

In a bid to scale up its Point-of-Sale terminals, digital payment startup, ItzCash has announced deploying another 100,000 PoS terminals at your local Kirana stores. The move is expected to enable 1 Lac, small merchants and shopkeepers, to accept payments digitally, making it convenient for customers in semi-urban and rural areas. ItzCash already has over 30,000 units deployed immediately in the first three months post demonetization.

The device accepts payments from any cards such as credit, debit, prepaid cards and m-wallets. It also allows customers to dispense cash and select instant EMI options to pay their expenses. Merchants owning ItzCash PoS terminal are also eligible to avail a pre-approved loan of Rs 25,000 for working capital requirements.

While the startup already offers digital wallets and prepaid cards, the PoS vertical further strengthens its payments ecosystem thereby offering customers a wider choice of convenient and secure payment options. The strategic initiative is in line with the company’s omnichannel strategy through which the company aims for a growth of 60 percent CAGR over the next year.

“Earlier, many small merchants would discourage customers to use the plastic money for payment. However, post demonetisation, we have seen a massive behavioural change in the mindset of traditional brick and mortar retail merchants towards digital payment movement. Furthermore, as per RBI data, we have only 1.5 million POS machines in India; which together underline the existing huge opportunity in the POS payments segment, said Ravi Singh, chief business officer of ItzCash.

“With this initiative, we are aiming to digitise 100,000 small merchants and shopkeepers by leveraging our robust network of 75,000 outlets present across 3,000 cities and towns across India. Within the past three months we have already deployed 30,000 units,” he further added.

Other unique features of ItzCash PoS machine include electronic charge slip which allows customers to store electronic receipts directly on mobiles, captures a digital signature and runs on GPRS/Wifi network. ItzCash has further partnered with MRL Posnet as its PoS technology solution provider.