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.
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|
|HDFC Bank||1.18 lakh|
|Axis Bank||1.18 lakh|
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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