66 per cent increase in number of swipe machines since demonetisation

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The country has added over 10 lakh new swipe machines in the period following November 8, 2016, a 66 per cent increase. The total number of swipe machines/point of sale (PoS) terminals in the country now stands at 25 lakh.

PoS-machine
Banks aim to increase the number of PoS machines to 35 lakh by September next year.

India had around 15.1 lakh swipe machines for credit and debit cards before Prime Minister Narendra Modi’s crackdown on black money. According to data from the National Payments Corporation of India (NPCI), this number has increased to 25 lakh in a span of five months.

The move to digitise India has not only led to an increase in alternative payment modes, but has also resulted in reduced consumption of physical currency. State Bank of India expects the number of currency notes to fall by Rs.1 lakh crore as digitisation increases.

The major contributors towards this increase in numbers are Axis Bank, HDFC Bank, Corporation Bank, ICICI Bank, and SBI.

Bank No. of swipe machine added since demonetisation
SBI 1.24 lakh
HDFC Bank 1.18 lakh
Axis Bank 1.18 lakh
Corporation Bank 80,822
ICICI Bank 67,000

Banks are also targeting alternate payment modes like Aadhar-enabled facilities and those using QR codes. They aim to bring a further 30 lakh shops under electronic payment networks by September next year.

Banks will add 10 lakh new PoS machines, in addition to 10 lakh QR code payment terminals and 10 lakh Aadhar enabled payment modes to meet this target.

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