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India-based ItzCash Card has agreed to deploy additional 100,000 Now pay-brand point of sale (POS) machines at several small merchants and shopkeepers across the country to further improve its presence in payments ecosystem.
The latest move enables ItzCash Card to provide a wide range of convenient and secured payment options for customers. It also supports the company’s omni-channel strategy of achieving a compounded annual growth rate of 60% by the end of 2018.
The Now pay POS machine accepts payments from credit, debit, prepaid cards and mobile wallets. It also enables customers to dispense cash and opt for monthly instalments to pay their expenses. Furthermore, shopkeepers and merchants with Now pay POS machine can avail a pre-approved loan of INR25,000 for working capital requirements.
The deployment is expected to allow about 100,000 small merchants and shopkeepers in India to accept digital payments from customers in 3,000 cities and towns. The company, best known for offering digital wallets and prepaid cards, has partnered with MRL Posnet to provide technology solutions for its POS machines.
The machine operates on GPRS/Wifi network and captures digital signature thereby providing secure transactions. The company installed about 1.5 million POS machines across the country and scaled up its deployment post the demonetization move by the Government of India in November 2016.
Post demonetization move by the Government of India in November 2016, more Indian customers moved to digital payments from conventional brick and mortar retail merchants. With deployment of 1.5 million POS machines in India, ItzCash Card finds huge growth opportunities in the POS payments segment.
To know more and gain deeper understanding of mobile payment industry in India, click here.
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