PayUmoney's affordable POS terminal for small biz

NEW DELHI, INDIA: PayUmoney  has launched a POS terminal which promises to connect even the smallest corner shop to the world of paperless payment.

As opposed to Rs. 15,000-Rs. 25,000 charged by traditional channels, the PayUmoney POS terminal costs Rs. 7,000 and does not need any monthly rental, or minimum balance to operate. Users have the option to link any bank account, and accept all credit/debit cards.

The POS terminal does not come with bundled SIMs, giving merchants the liberty to choose the operator and connection type (pre- or post-paid).

It also does away with the use of paper receipts. A transaction acknowledgement will be sent to the buyer's mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same, every time a transaction takes place.

This helps merchants to save on unnecessary costs and makes the POS terminal extremely energy efficient, durable, and ideal for locations with frequent power outages.

Nitin Gupta, CEO & Co-founder, PayUmoney said, "If we look at the Reserve Bank of India's December 2015 data, there are 644 million debit card holders in India. The number's 22.75 million for credit cards. Against these, there are only 1.2 million POS terminals, which shows the huge opportunity that exists in the POS payments services sector. Our objective is to bring the smaller merchants into the ambit of payment processing services—the class that has so far been ignored by the traditional players."

With a simple and hassle-free documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service at the website.