With a tremendous rise in fintech adoption in the last five years, India has embarked upon a new era where the use of cashless payment methods is being encouraged and increasingly accepted. Apart from demonetization, two important drivers of this transformation have been the advancements in POS (Point-of-Sale) technologies and introduction of Unified Payments Interface (UPI) in 2016 which has already crossed more than 1000 crore transactions amounting to over INR 17 lakh crore. According to a report by KPMG, digital payments in India is witnessing significant growth with a CAGR of 12.7% (forecast period: 2016-21) in the number of non-cash transactions.
At the centre of this evolution lies the young population, especially the Generation Z and Millennials, whose love for technology and a desire for convenience is fueling the adoption of cashless payment methods and encouraging innovation. The government and the regulator also have an important role to play in this transformation, with a series of positive initiatives and measures aimed at driving digital payments in the country.
Digital payments are on the rise and they are only expected to see an increase in the times to come. Retail stores in India should look at integrating digital payments at the POS to ensure they are catering to the growing list of shoppers who prefer digital payments over cash. The first step in doing so is choosing the right POS machine. Here's a list of features one should look for while making a choice.
Plutus Smart from Pine Labs is one good example of a POS machine that integrates seamlessly with existing billing systems to offer faster transaction speeds via 4G or Wi-Fi. Moreover, with an ergonomic design and long battery life enabled with a power-saving mode, the device is easy to use.
Pine Labs' POS technology enables the integration of multiple payment modes, including UPI, mobile wallets, debit or credit cards, net banking and loyalty points. Popular meal and gift cards can also be used for payments.
In addition, retailers can even allow customers to compare EMI offers and tenures across banks with the Plutus Smart app and then pay via EMIs enabled at the POS terminal.
Key customer data, customer feedback and NPS can be captured with Plutus Smart. Getting access to analytics can give retailers insights into consumers' habits and buying preferences. In addition, they can keep track of customer volumes, grievances and effectively manage their inventory.
A POS machine like Plutus Smart can be customised by applying UI and color themes as preferred by a specific brand. Moreover, the sleek and ergonomic design of Plutus Smart adds to the brand experience.
Plutus Smart also ensures faster and more efficient transactions with an in-built IMEI and barcode scanner.
So, what are you waiting for? Order your Plutus Smart POS machine today.
To know how Pine Labs POS machines can help take your retail business to the next level, contact us today.