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  1. Petrol pumps using POS machines of HDFC bank won’t accept payments in credit, debit cards

Petrol pumps using POS machines of HDFC bank won’t accept payments in credit, debit cards

The petrol pumps which are using HDFC Point of sale (POS) Machines, won't accept payments through credit and debit cards as the bank has decided to levy 1 percent charge for every sale.

By: | New Delhi | Updated: January 8, 2017 5:39 PM
demonetisation, demonetisation, rs 500 notes Most of the petrol pumps are using HDFC Point of sale (POS) Machines, said Ravi Shinde of Petrol Dealers’ Association.

The petrol pumps which are using HDFC Point of sale (POS) Machines, won’t accept payments through credit and debit cards as the bank has decided to levy 1 percent charge for every sale. Ravi Shinde of Petrol Dealers’ Association, most of the petrol pumps are using HDFC Point of sale (POS) Machines, said

In the meantime, State Bank of India (SBI) is planning to to install 2.5 lakh point-of-sale (PoS) terminals within two months. It will place an additional order of one lakh terminals in order to meet the demand, deputy managing director Manju Agarwal had told FE few days back. he also addedthat the bank has already placed an order for 1.5 lakh PoS mchines.

As per him, the bank has installed 45,000 PoS terminals in almost 50 days of demonetisation taking total PoS machines to 3.85 lakh. “Our target is part of the the government’s push to install one million PoS machines in the three months to March,” she said, adding that the demand for PoS is much more than what banks are able to supply. Currently, SBI charges a monthly rental of up to R400 for deploying PoS along with an installation charge of up to R500.

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As per the RBI data that till October 2016, the country has 15.12 lakh PoS terminals, of which SBI owned 3.42 lakh devices. It also said that the SBI is followed by HDFC Bank at 2.95 lakh PoS and Axis Bank at 2.76 lakh terminals. After demonetisation of high value currency notes on November 8, value of transactions at PoS terminals has seen a huge jump to R40,160.43 crore in December (till December 30) from R35,240 crore in November.

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