New PoS deployment grows at slowest pace since demonetisation: RBI data
UPI) platforms is increasingly winning over merchants and consumers alike, taking the sheen off debit cards for cashless transactions.
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While new point-of-sale (PoS) terminals — the devices where the cards are swiped — are still being deployed as merchants and businesses want to offer all forms of payments to customers and also because of increasing credit card usage, the preference is tilting towards QR code-based UPI transactions.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitNew PoS deployment in fiscal 2023-24 grew at the slowest pace since the days of demonetisation, show data from the Reserve Bank of India. The only exception during this period was 2021-22, when Covid-19 and the subsequent lockdowns hurt offline commerce drastically.
Between March 2023 and 2024, new PoS terminal deployment rose 14% — about half the rate of 28% and 29% in the preceding two years — to 8.9 million. The fastest growth in recent years was in 2016-2017, when new deployment increased 82% as a direct impact of demonetisation. In 2016, the base was 1.38 million machines.
Meanwhile, the deployment of QR codes for UPI payments through platforms like PhonePe, Google Pay and Paytm has doubled in the last two years. From auto drivers to
