Money & Banking

Fino Payments Bank to deploy mPoS devices across 10,000 banking points

Our Bureau Mumbai | Updated on March 30, 2018 Published on March 30, 2018

Fino Payments Bank has said it plans to deploy multi-utility Android-based mPoS (mobile point-of-sale) devices across 10,000 banking points in the country in a phased manner.

The mPoS is a portable device with an in-built fingerprint scanner, card reader, camera, printer and a tablet, the payments bank said.

The device will gradually replace the combination of devices currently used to facilitate fingerprint authentication and digital transactions.

Ashish Ahuja, Executive Vice-President and Head - Products, Fino Payments Bank, said in a statement: “In the next 12 months, we will deploy these devices at 10,000 of our retail as well as corporate banking points, including branches, BPCL outlets, franchisee points and partner bank’s BC (Business Correspondent) channel.

“We have already deployed around 2,000 devices to enhance doorstep and neighbourhood banking services in urban as well as rural areas, for the convenience of our customers.”

With the mPOS devices, Fino executives will be able to provide all the banking services — account opening, deposit, withdrawal, money transfer, product sales (insurance, gold loan leads, BC lending services) and Aadhaar-enabled payment systems (AEPS) — to customers at their doorstep, he said.

“In addition to having multiple functionalities, the mPOS device is also interoperable. That means, customers with debit cards issued by other banks can also do payments and withdrawal transactions at Fino’s banking points.”

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Published on March 30, 2018
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