banks prefer to increase pos machines, not atms
As the government focuses on digital transactions after non-monetization and a lower amount of cash in circulation, the network is not an ATM.
According to RBI, in August, banks had increased the number of POS machines by 95%, nearly 29 more than last year.
In contrast, the number of ATMs has only increased by 2. 5% to 2. 2 lakh machines.
This has led to a business boom for PoS manufacturers.
\"While the expansion of ATM can be measured by the cost of the machine and the rent of the real estate space, the PoS network costs less and the maintenance costs less. The new m-
An average of Rs 1,500 per PoS and digital PoS machine
7,000, easy to use, \"said Pradeep Oommen, CEO of Bijlipay.
Bijlipay also said the demand for its Swipe4Cash mini ATM device has increased.
\"For rural networks with lower atm penetration, businesses can use this method to distribute cash.
Then, the bank will reimburse the cash issued for the merchant/business reporter.
All our machines are QR at QR codes, UPI-
Enabled and will be in aadhar soon-
Payment system enabled (AEPS),” says Oommen.
The cost of each machine at the ATM is Rs 1-
Based on functions and capabilities, banks find that their investment in ATM networks does not justify the return and cost involved.
Parthasarathi Mukherjee, CEO\'s LVB, of which there are about 981 ATM networks, said, \"We have decided to slow down the ATM expansion plan because we need to check the feasibility.
To further expand, we need to have enough quantity to justify the cost.
\"And the volume of transactions decreased year by year.
The RBI data showed a 5 drop in ATM debit card transactions.
From 3% in the same period last year to 0. 716 billion to 0. 757 billion in August.
In August 2017, PoS terminal debit card usage more than doubled from 0. 265 billion last year to 0. 131 billion.
PoS transactions are also eroding the use of debit cards.
ATM transactions accounted for 73% of total debit card usage in August, while the remaining 27% came from PoS.
In last August, ATM transactions accounted for 85% of the total transaction volume, and PoS transactions were only 15%.