Money & Banking

Now, a ‘super PoS’ device with multiple functions

Beena Parmar Mumbai | Updated on January 23, 2018

Pramod Saxena, Founder & MD, Oxigen Services

Oxigen Services to roll out 20,000 such terminals by the end of this fiscal

Now, customers will be able to withdraw money, make bill payments, phone recharges and card payments, all through a single device. Oxigen Services, a payment services provider, has designed a new “super PoS” (point-of-sale) terminal to cater to the requirements of both merchants and banks.

“A single device can now do cash-in, cash-out, debit, credit and RuPay card transactions, make bill payments, recharges, and tap-and-go transactions,” said Pramod Saxena, Founder & MD, Oxigen Services.

Currently, banks provide three separate devices for financial inclusion. A micro ATM for account opening, checking balances, etc, a PoS terminal to retailers for payment transactions through debit/credit cards, and a third device for transactions on mobile, wallets or tap-and-go payments.

 It claims to provide all basic transactions with eight hours of battery operations and several days of stand-by capacity to meet customers’ as well as merchants’ requirements across regions.

 According to Saxena, “You can call it the mother of all PoS terminals. We created a design based on this requirement, which also looked at the power situation, data coverage problems and other fluctuations in different Indian geographies.”

Bags deal

In July, Indian Bankers’ Association floated a global tender on behalf of all banks. Oxigen bagged the deal. Now, individual banks will place the order for the devices as per their requirements. The super PoS device will cost ₹18,000 to Indian vendors and ₹35,000-40,000 to international ones and comes with a three-year warranty support. Vendors or banks can add their own applications on the device.

 Oxigen Services, which has also applied for a payments bank licence, plans to roll out 20,000 such devices by the end of this financial year.

“The quantity demanded by banks is likely to be around one lakh. Further, from our side, we plan to issue two lakh additional terminals in the next two to three years,” Saxena said.

 Last year, the firm grew 40 per cent, withgross value of transactions touching ₹9,000 crore. “This year, we expect this to increase to ₹15,000 crore,” Saxena said.  

Published on August 17, 2015

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor