Gone are the days when people from rural areas and remote areas had to come to the cities for buying goods and for banking. Thanks to digital technology, these services are now available in even the remotest areas of the country. In rural areas, people are now using technology to expand their small grocery stores and other retail stores.
With this, interest in digital payments in rural areas has increased. Retail POS brings many benefits to small retailers. But first, let us understand about POS system.
Understanding Point of Sale (POS) System
The point of sale (POS) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make a payment - in short, manages the complete retail management system of your business.
Purpose of a Point of Sale System
Secure Checkout System
In the rural context, more than fast, customers are looking for secured checkouts. The transaction system while making payments must be quick so that customers don’t have to stand in queues. A fast checkout system always helps customers to spend time shopping in spite of in queues.
This is also one of the main purposes of the point of sale system to have complete information about products in inventory. It has complete information about products like which product in stock and which is in the critical stage this information helps in ordering easily to the vendors. This helps to save time for ordering and calculating the products.
POS maintains the information of customers based on their profile which helps them to understand the buying behaviour.
Today everything is online so you must choose a system which offers you feature to access the business from anywhere. This is more suitable for the business which has more than one outlet.
Payment through AEPS or Debit card
The biggest advantage of POS is the ability of digital payments and the freedom to go cashless.
So these are some main purpose of point of sale system which makes it unique and essential for the rural business scenario. Businesses are increasingly adopting POS system due to these features which make easy to handle businesses anyways.
Benefits of Point of Sale (POS) System
● The complete process is digital, which eliminates human errors and helps to manage and tracking inventory in real-time.
● It helps to manage a number of items in stock in real-time, this helps to manage and prepare buffer stock.
● It can handle thousands of transaction due to its simplicity and fast checkout features.
● It allows to add promotions, coupons, and discount on the product, not need to process manually.
● It helps to save the time of customers in the queue and help them to eliminate time for checkout.
Fastpay Payments provides POS solutions and other forms of payment and banking solutions. Contact us for more details or for query in retailers or distributorship.
Technology has played a major role over the years in the banking sector. This has been especially beneficial for rural and remote areas with limited access. Fastpay can provide banking services which is beneficial to all through AEPS and Micro ATM. Micro ATM provides convenience and helps to tackle issues of cash withdrawal.
The Aadhar-Enabled Payments System (AEPS) has emerged as one of the fastest-growing payments systems in India, having an annual growth rate of 150% since its launch in 2016. According to the most recent data by National Payments Corporation of India (NPCI), 33.5 million transactions worth Rs 9,000 crore happened over micro ATMs in May 2019. In the initial five months of 2019, almost 145 million transactions have occurred through micro ATMs as against an overall transaction volume of 200 million in the entire 2018.
If you are a shop owner or run a small business, you can become part of the growing fintech network. You can become a retailer or distributor with Fastpay. Becoming a Fastpay Retailer is very easy, as all you need is a laptop or a smartphone to provide the services to your customers. The banking services, not only increase your customer base but also provide extra earnings.
How does having a Micro ATM help retailer earn?
Micro ATMs can help retailers to increase the business as it adds another stream of revenue to the business. With every transaction, a retailer can gain an attractive commission, however, it does not add any extra cost to the customers. Aadhar Micro ATM allows customers to withdraw cash using just their fingerprint for scanning.
Fastpay’s AEPS micro ATM is affordable with promising returns as it brings more customers to your facility who want to avail banking services such as cash deposit, fund transfer, and balance enquiry, etc. all in one ATM.
How to install Micro ATM in your retail shop?
Contact us on the given phone numbers or fill up the enquiry form on our website to apply for retailers. Fill up basic information like your name and town and our agent will contact you. With the Fastpay micro ATM, you can provide different services under one platform and under one roof to customers. Aadhaar micro ATM price is a one-time investment to ensure continued returns.
How to use a Micro ATM?
● The customer has to scan the fingerprint on the biometrics enabled POS machine, which is verified by the UIDAI records.
● On completion of verification, select the options as shown by Micro ATM for the transaction that can be performed by the user.
● The device will process the transaction which is selected.
● On successful transaction, a message will be displayed on the screen and a printed receipt will be generated
Advantages of having Aadhaar-enabled micro ATMs
● Payments done via micro ATMs are only approved and authorized by banks. The authentication is done by UIDAI via biometric association with the database.
● Micro ATMs banking solutions are aimed at enhancing card less and PIN-less banking.
● Transportation of these Micro ATMs is easy so the bank can actually go to the customer.
● No extra service charges are levied on customers for the transactions done through such micro ATMs.
India’s economic progress is largely dependent on villages and towns due to the agriculture sector. It is important not only to consider them but also empower them with digital payments and cashless banking. Rural areas in India with the convenience of mobile money can help bring better business and transparency.
Advantages of digital payment in rural areas of India
Rural economy heavily relies on cash transactions. One of the biggest reasons for that is the absence of banks in their villages. They have either travel to the next town or nearest cities for bank transactions. Digital payments with the help of Fintech companies or mobile banking eliminates the need to go to a bank and banking can be done anytime anywhere.
Banking at door step
With the help of banking services provided by Fintech companies, it is possible to set up bank accounts without having to actually visit a bank branch which may be located in remote rural areas. It is also possible to withdraw cash, transfer money and pay utility bills. Digital payment has never been so easy.
Rural Business Boom
Being hassle free, it is easy to use and once the rural population begins to get comfortable with this cashless transactions and digital banking, more merchants or shop owners can become associates. Better reach and more convenience would automatically give a boost to all kinds of rural businesses. Once that happens, there would be a more secure flow of funds.
Better access to Economical Facilities
Many people in rural areas have to struggle to get their pension and wages paid or to avail benefits of schemes they are eligible for. With digital banking, it is easy to approach things and get paid sooner.
It is not feasible for people in rural areas to make long trips to make investments or pay utility bills or withdraw money from ATMs to pay wages to their staff. However, having a mini or micro ATM in rural areas would be a boon and the entire sector could witness exponential growth. Whether it is to make online bill payments or to lend and borrow money, if it is all possible with digital banking.
Being a trusted solution that is known for its strict quality standards, the identity proof is aadhar card enabled or through fingerprint which make using this system extremely convenient.
Fintechs are Playing an Important Role in Digital Payment Space
Fintech firms such as Fastpay Payments in association with the Government are trying their level best to empower rural businesses digitally and financially post demonetization. Novel solutions that specially cater to the needs of the rural business community are being implemented. Aadhaar Enabled Payment System (AePS) and mATM at retail points to help users carry out transactions, thereby eliminating the requirement to visit the physical branches of a bank.
There is also the provision to make offline-to-online transactions, which is particularly useful for rural businesses that lack direct digital access.
Understanding Micro ATM and how it works in rural India
Ever since demonetization happened, Micro ATMs have been the buzz word. Micro ATM looks like a card swiping machine but is able to offer banking without the bank to the last mile. Banks can remotely connect to their core banking system through this machine. Micro ATMs work like handheld point of sale (PoS) terminals which can be specifically used to disburse cash in remote locations or rural areas of the country. This is a doorstep mobile banking arrangement cum-mobile ATM device.
The micro ATM machine comes with a fingerprint scanner attached to it and has the ability to scan Aadhaar details. This helps banks and payment solution companies to connect with the large unbanked sector effectively.
These machines are typically used by business correspondents (agents who represent banks in rural areas) of banks to connect customers who are far away from branches. The agent (a businessman or a shopkeeper) acts as the cash disperser for the ATM. He collects deposits and feeds in data and also pays out from his pocket and debits the account. There are no service charges for using Micro ATMs.
Micro ATMs are expected to be viable where ATMs are not. ATMs need at least 80-100 transactions a day to be viable as they cost several lakh and have monthly operating expenses such as account rental, telecom charges, AMC costs, electricity expenses and security guard. A micro ATM costs less than Rs 20,000. Since connectivity is through GSM, the agent can carry it and travel village to village at set times.
How does a Micro ATM work?
Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people ). The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.
Advantages of Micro ATM
According to bankers, the cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000. ( cite copy, and link)
It is portable
Micro ATM has connectivity through GSM, hence it can travel from village to village, said Das during a press interaction on Monday.
Biometric enabled secured transactions
Interoperable device and can work for any bank
Micro ATM can be used for the following banking utilities
ATM card transaction
Aadhaar enabled payments (AEPS)
Funds transfer, mini statement, balance enquiry, etc.
Some of the non-banking utilities include:
Internet and DTH recharge
Prepaid and Postpaid SIM card recharge
Ticket booking (IRCTC Railways/Airlines/Bus)
Hotel booking & much more
Fastpay Payments’s Micro ATMs services are designed as a solution to narrow the banking gap especially for the rural Indians. We are empowering local retailers, shopkeepers and retired banking staff with these devices by enabling financial transactions.