PoS devices tally to touch 76 L by 2022

PoS devices tally to touch 76 L by 2022

With India steadily migrating towards digital format and non-cash transactions, the number of Point of Sale (PoS) devices installed in the country is likely to grow at a compounded annual growth rate (CAGR) of about 30% to touch 76 lakh in the next five years from just about 16 lakh in 2016, according to a Assocham-RNCOS Business Consultancy (RNCOS) joint study.

“With over 74 crore debit and credit cards in India, there is 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,” said the study titled ‘Indian Point of Sale Market’.

The study also highlighted that total transaction volume of Point of Sale devices in India was 30 crore in 2016, and it is likely to grow at a CAGR of 48% to reach Rs 310 crore by the end of 2022.