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The introduction of zero balance saving accounts by the Indian government is increasing the ownership of debit cards. This is surging the use of debit cards as a digital payment method in both urban and rural areas. Moreover, the facility of cash withdrawal initiated by the Reserve Bank of India (RBI) through POS devices is also invigorating the market growth. The robust growth of digital infrastructure due to various favourable initiatives adopted by the Indian government is significantly surging digital transactions in the country, which is consequently further propelling the growth of the POS device industry in India. Moreover, the rising measures adopted by the BFSI sector to adopt cashless economy to aid transparency and reduce counterfeit currency issue is providing additional impetus to the market growth.
Some of the leading companies in the market are PAX Technology (OTCMKTS: PXGYF) and Ingenico Group. The latter launched Axium, a next-generation point-of-sale platform, which is designed specifically with acquirer’s clients in February 2018. It enables acquirers to differentiate their offers to small merchants and capture new revenue streams for a larger payment acceptance portfolio, which can support new payment methods and cross-channel services based on tokenisation. It offers the benefit of an open android environment and combines the security and stability provided by its Telium Tetra operating system. Moreover, it allows merchants to download applications from the vast selection available on an open marketplace or acquirer’s private marketplace to boost the digitisation of small-scale commerce. Such platforms are anticipated to propel the market growth for POS device in India.
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The major players in the India POS device market are Ingenico Group, VeriFone, Inc., PAX Technology, Ezetap Mobile Solutions Private Limited., Mswipe Technologies Private Limited, and NGX Technologies Pvt. Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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