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Retail is the engine of growth for an aspirational and developing economy like ours that strives to hit the $5 trillion mark by 2024. India has become a global investment destination and the arrival of a retail behemoth like Walmart through the $16 billion acquisition of India's largest online retailer Flipkart and the opening up of e-commerce giant Amazon's largest campus in the world in Hyderabad are tell-tale signs of the potential of the India market for global retailers. Not to miss the huge opportunity that exists in revamping the in-store payment acceptance infrastructure for offline retailers in the country, primarily the nearly 12 million1 kirana stores that constitute a major chunk of the unorganized retail market in India.
India's retail industry already accounts for 10% of the country's GDP [Source: Invest India] and is poised for tremendous growth in the years to come. For this growth to happen, the overhaul of the retail payment infrastructure in India is the need of the hour.
Following are five top trends in retail payment systems to watch out for in 2020:
The advent of new age POS machines has made life a lot easier for retail merchants to accept digital modes of payments at the point of sale. What's interesting to note here is that the retailers are looking to do more than just accept payments at the POS terminals. For instance, through the Pine Labs Plutus Smart POS machine, we are making it possible for merchants to calculate and compare different bank/brand EMI offers and offer them to their customers at the point of sale to drive sales.
The focus area of fintech companies should now be on bringing the benefits of financial technology to the millions of small and medium scale retail merchants in India. Modern retail payment solutions have evolved thanks to the advancement in technology and one can expect these retail payment trends to play a key role in the future growth of the retail sector in India.
By Sunil Param | on April 05, 2021
By Vinisha Kataria | on April 01, 2021