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POS machine/terminals (Point of Sale machines) enables merchants to accept digital payment from the customers and are easy and hassle free. Such instruments of payment are called Pre-Paid Instruments. Further, under the types of Pre-Paid Instruments, they are known as Open Pre Paid Instruments.

Only Banks authorized by RBI and having registration under Payment and Settlement Act, 2007 can issue open pre-paid instruments. If you want to become a manufacture of POS machines, which in turn can be used by various entities such as SBI, Bank of Baroda etc. you need to manufacture these as per the requirement and standards set by the government such as PCI Compliant, EDC etc. depending upon the type of machine being manufactured. Companies like Mastercard, VISA also certify the device. They must be fully capable for providing safe transactions.

Further, all POS devices are covered under the scope of Electronics and Information Technology Goods (Requirement for Compulsory Registration) Order, 2015 and they are required to bear BIS standard Logo. Companies like Pine Labs, MSwype, Ezetap which offer POS machines to Merchants have tie ups with Banks having authority to issue Open Pre-Paid Instruments. Apart from certain commission on each transaction, there chunk source of revenue comes from selling/renting the device, providing additional packs such AMEX acceptance, Sodexo acceptance, targeted marketing to Merchants, providing analytics report of the transaction to the Merchants etc.

'Get a Wazzeer' to have your venture incorporated seamlessly and meets all eligibility criteras.