The company says its new offering is expected to revolutionise the Rs 27 billion PoS market in India. Merchants will be able to convert their existing android smartphone devices into a payment terminal by simply downloading a supported app.
“As per our internal research and analysis report, we have all the ingredients to garner substantial market size within the next two years,” said Vishwas Patel, executive director (ED),
. “We will not only become a favourite PoS alternative provider for the current PoS machine owners (merchants) but will also become the first preference for small businesses across the country as our revolutionary SoftPoS technology will accelerate the inclusive growth of the small entrepreneurs as well, that too at zero cost.”
According to a cross-country dataset released by RBI recently, the density of population dependent on a POS terminal is 358 in India, as against about 20 in neighbouring China, 10 in Brazil, Turkey, Netherlands and Italy. The dataset comparing 22 countries, showcases India to have the lowest POS density per person.
The company said it has introduced this SoftPoS technology in the Indian market after conducting several rounds of in‐depth due diligence. It said it’s technology will enable any small business or entrepreneur in the remotest corner of our country to accept digital payments easily and securely.
As per a recent report by Deloitte’s 2022 Global TMT,
India to have 1 billion smartphone users by 2026 and Internet‐enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet programe. The report also mentions that India has 1.2 billion mobile subscribers in 2021, of which about 750 million are smartphone users.
Discover the stories of your interest
“With 5G spectrum auctions are on the way, and ever‐rising smartphone penetration along with cheaper internet rates is perfect breeding & nurturing ground for SoftPoS technology, which will further increase the use of cashless transaction adoption across the country,” said Vishal Mehta, Managing Director, Ltd.
