Verifone India Mumbai

The government of India asked banks to ensure that an additional 10 lakh terminals are deployed after demonetisation which has led to a scramble among banks to procure PoS machines quickly. The largest public sector bank, State Bank of India, has also placed orders for two lakh terminals but remains unsure of the delivery timelines, according to Rajneesh Kumar, managing director at SBI.

“The banking sector in total has placed orders for six lakh terminals out of which we are ordering two lakh PoS machines after the government’s directive... We are unsure of the delivery timelines but vendors are likely to deliver these machines on time, ” Kumar told BloombergQuint last week.

Verifone, too, added that it is working to find ways to help the country during this period of transition.

“As a global leader in payments and commerce solutions with a strong commitment to India, Verifone is working to support the urgent demand for PoS machines with its customers and partners in this period of transition, ” Prasad said in the email response.