Post-demonetisation, point of sale (PoS) transactions have risen manifold and number of devices installed in the country is likely to grow at a CAGR of 30 per cent to reach 76 lakh in next five years from just about 16 lakh in 2016, an ASSOCHAM study said. The study conducted by the Associated Chambers of Commerce and Industry of India along with its knowledge partner RNCOS Business Consultancy Services was released by ASSOCHAM National Secretary General DS Rawat and its Karnataka Regional Council Chairman R Shivakumar here on Thursday.
“Post-demonetisation, the PoS transactions have grown manifold. The fact remains that till that time in India most of the transactions - to the extent of 96 per cent was carried out in cash, but after November 8 2016 it has come down to 80 per cent,” Rawat told reporters here. He said people were switching over from cash to less cash economy, despite inadequate infrastructure all across the country. With over 74 crore debit and credit cards in the country, there was a huge potential for growth of PoS machines, so much so that value of transactions through the same can reach Rs 7.5 lakh crore by 2022 from Rs 63,500 crore in 2016, the study said.
With increase in PoS based or cashless transactions, Rawat urged the Government to take corrective measures in terms of security with the help of regulations and by creating the infrastructure as newer kinds of threats are emerging. He also said that to facilitate further growth, the Government should reduce the installation charges and monthly rent on PoS, and ensure that transactions were not taxed.