The company says its new offering is set to revolutionize the Rs 27 billion POS market in India. Merchants will be able to convert their existing Android smartphones into a payment terminal by simply downloading a supported app.
“As per our internal research and analysis report, we have all the ingredients to gain substantial market size over the next two years,” said Vishwas Patel, Executive Director (ED),
. “We will not only become a preferred alternative PoS provider for current PoS machine owners (traders), but will also become the first preference for small businesses across the country, as our breakthrough SoftPoS technology will also accelerate the inclusive growth of small entrepreneurs. , that too at zero cost.
According to a cross-country dataset released recently by RBI, the population density dependent on a POS terminal is 358 in India, compared to around 20 in neighboring China, 10 in Brazil, Turkey, the Netherlands and Italy. The dataset comparing 22 countries shows that India has the lowest density of outlets per person.
The company said it introduced this SoftPoS technology to the Indian market after conducting several rounds of extensive due diligence. He said his technology will allow any small business or entrepreneur in the most remote corner of our country to accept digital payments easily and securely.
According to a recent Deloitte Global TMT 2022 report, India will have 1 billion smartphone users by 2026 and internet-enabled devices in the rural market will also get a boost with the government’s plan to fiber all villages by 2025 under the BharatNet program. The report also mentions that India has 1.2 billion mobile subscribers in 2021, of which about 750 million are smartphone users.
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“With 5G spectrum auctions underway, and growing smartphone penetration along with cheaper internet rates providing an ideal breeding ground for SoftPoS technology, which will further increase the use of cashless transaction adoption across country,” said Vishal Mehta, Managing Director, Ltd.