State Bank of India (SBI) has seen a surge in demand for point of sale (PoS) machines after demonetisation of Rs 500 and Rs 1,000 notes.
“In the last 50 days, we have installed 34,000 PoS machines. Before demonetisation, the bank used to install 6,000 PoS machines per month. Currently, 70,000 request for PoS machines are pending with SBI. The bank has placed an order for another 1.5 lakh machines which will be installed before March 2017,” said Manju Agarwal, deputy managing director at SBI.
The rise in demand for PoS machines has come at a time when the total value of debit and credit card transactions through PoS declined.
According to data in an SBI Research report last week, aggregate of debit and credit card transactions at PoS fell to Rs 35,240 crore in value terms for November 2016, which is the lowest since February 2016 when the aggregate spend on PoS terminals amounted to
Rs 33,600 crore.