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Government Sets Up Taskforce For Expansion of Point Of Sale Machines
Credit Card Register (Image: PARK JI-HWAN/AFP/Getty Images)
The Government of India has set up a task force to oversee the expansion of Point of Sale (PoS) machines to enable further expansion of the cashless transactions in India, Union Finance Minister Arun Jaitley said on Thursday.
"We have emphasised to banks that this is a great business opportunity for them. They have to take it up as a mission. As many as 14 lakh PoS machines at the retail level are in operation across the country. This figure has to be expanded," Jaitley said after a video conference with the CEOs of banks to review the latest position after the 8 November demonetisation of high value currency notes.
"A task force has been set up to oversee the expansion of PoS machines so that physical currency shrinks and businesses expand," he added.
In the last few years, there has been a huge expansion in usage and acceptance of digital wallets, debit cards, mobile apps and the change is already taking place, Jaitley added.
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