Post demonetisation, the banks are witnessing an increase in the applications for installation of swipe machines which clearly indicate that the business community is game for the cashless economy being propelled by the Government. These machines are called Point of Sale (POS) terminals or Electronic Data Capture (EDC) devices in technical parlance captured the attention of the small shopkeepers and vendors due to cash crisis precipitated by the Narendra Modi led NDA Government’s decision to ban the old currency notes of Rs 1000 and 500 denomination. As the banks get a commission on transaction through these machines, they are always eager to install them. However in many cases, due to surging crowds at the banks, many branches are asking those interested to install such machines to visit after some days.
In the State Bank of India (SBI) Dehradun module which covers Pauri, Tehri and Dehradun districts around 650 applications have been received since the demonetisation decision of government on November 08. This figure is high considering the fact that the bank had installed only 2200 such machines in the business and other installations before November 08. The banks sub let the task of installation of these machines on some vendor who are responsible for installation and maintenance of these machines. The Dehradun module of SBI has installed more than 100 such machines in last few days. “We are receiving large number of applications for the installations of POS machines these days as more and more people are realizing their importance.
The customer and the sales unit both are benefitted by these machines. One needs to have Current account in the bank and should be registered with Vyapar Mandal for installations of these machines,’’ said Chief Manager SBI Dehradun module, Vijay Kumar Sathyarthi.
To promote installations of these machines the government has asked the banks to charge not more than Rs 100 for these machines.
These machines are broadly of two types, landline based and SIM based. The swipe machines are available in portable, desktop and Mobile based on the requirement.
It is a paradox that the demonetisation move which precipitated the demand of these machines is also causing hindrance in their installations as bank branches are dissuading those interested to have these machines due to huge load of customers these days.
Naresh Kumar who owns a grocery shop on Defence Colony road said that he was asked by his branch to come after some days as all the staff members are very busy. The fear of paying more taxes is also causing hesitation among the business centres to install these machines. “Card swipe machine means that all your transactions and volume of business would be reelected in your bank account and hence makes you liable for more taxes. The government should relax the tax regime so that the small business units are prompted to install these machines,’’ said a wholesale merchant located on busy Arhat bazaar.