Rising statistics of top POS Point of Sale Software due to demonetization

The Point of Sale software India has traveled a long way. India being a developing country had to face many challenges to introduce a point of sale system by replacing manual book-keeping records. In the earlier years, the retailers mostly used to deal with cash transactions and hardly felt any need for card transactions. The typical social behavior had always discouraged the use of the card or cashless business in Indian market. Quite recently, in the last academic year i.e., 2016-2017, the government of India enforced demonetization. This created a big impact on the business sector and with no alternative left the businessmen, as well as consumers, moved towards cashless transactions. The result is increased in the number of POS machines by 96.7% from previous year to this year, as per Reserve Bank of India. This is just the statistics from RBI and does not include private players like Itzcash, MSwipe, Oxigen, etc.

The Ernst and Young report for the year 2015 show the statistics of POS when there were only 693 machines for every million population in India as against to 800 million debit cards in circulation. This tiny figure has increased more than 10 times in recent times and all thanks to the demonetization move from the government. The present finance minister has set a goal to achieve 10lakh POS terminals in the country. To support the government, the top POS point of sale software companies has tied up with the nationalized bank that leads to the centralization of power only in few banks which include, ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, and Corporation Bank. However, among the newer banks that were added to the POS list include Bank of Baroda too.

Debit card transactions growing rapidly on the POS terminals

The major boost emerged after demonetization was the increase in debit card transactions at the point of sale terminals and reduced use of these debit cards at ATMs. The debit card swipes at ATMs had reduced by 18% till the month of May 2017 with 655 million swipes as compared to 800 million transactions in the month of October 2016 which was just a month before demonetization. On the other hand, the debit card usage on point of sale increased by 90% marking 267.5 million transactions in the year as against to 140.4 million in the month of October 2016.

According to the industry watchers, there was a defined push from the government, banks, financial institutions, etc. that brought the awareness about digital payments. The top POS point of sale software has made a huge market and encouraged a lot of people to start using their cards.

The Point of Sale software India has now reached the peaks of cashless economy. Every retailer or a small business house is seeking today to adopt the practice of POS because of the benefits that it carries along. The point of sale software in India has resulted changing the economy phase from cash to a cashless society.

Summary:

The movement of the Indian market trend from cash to cashless has led to the emergence of POS resolution. Caramel IT has also emerged as one of the leading Point of Solution providers making a greater impact on the retail sector, restaurants, and small businesses as billing system software in Hyderabad, receipt management software in Hyderabad. To know more about us visit our website, www.caramelpos.com

To passionately deliver the Indian Business houses through innovative solutions and challenging the status quote of the billing and payment processes.