Payment card companies to see a tough time ahead
By MYBRANDBOOK
Indian is moving towards digital economy, the recent crisis of non-availability of e-pos machines and lockdown would bring a significant impact on the journey towards a less-cash, digital economy.
Thare are 5 million machines are deployed by January 2020, with 816 million no. of debit cards and 56 million number of credit cards in Indian market. One can estimate the growth potential for the POS machines.
Indian payment companies get 90% of their point-of-sale terminals imported from China and their imports are getting disrupted with the present Covid-19 outbreak. Most impacted would be android-based POS terminals which are almost solely manufactured in China
The novel coronavirus outbreak that has adversely impacted global manufacturing activities and financial markets due to a likely shortage of swipe machines to process digital payments at retail outlets and secondly, because of the shop closure during lockdown.
There are various PoS manufacturing hubs in Mexico, Taiwan . Whereas, the Chinese PoS devices are known to be the cheapest and they find demand in the Indian market for both its low cost and Android-based variants.
There are global brands including Verifone from US and Ingenico from France has been acquired by Worldline and Chinese firm Pax Technology are among leading suppliers of PoS terminals to Indian service providers. Whereas, other brands including Pine Labs, Mswipe and Innoviti are the leading PoS deployers working closely with Indian banks to acquire merchants onto banking networks and digitise money flow in these stores.
Recently, Paytm has also forayed into the business of development of POS solutions for servicing its merchants with accounting and billing solutions. As per latest data from the Reserve Bank of India, the country has deployed 4.94 million PoS devices as in January.
Digital payment startups in the point-of-sales (PoS) space, such as Ezetap, Mswipe Technologies, Innoviti Payments, Pinelabs and Mosambee, have seen very less-demand as supply chain disruptions during the ongoing lockdown make delivery of existing orders and fresh sales difficult. The transaction has come down to as low as less than 40%
Most customers are either closed for business, operate with a limited workforce or have put orders on hold. Some are experiencing disruptions in procuring devices from China and other countries. An experts says, If lockdown would continue for some more time beyond 3rd May 2020, the situation would go beyond imagination.
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