How Many POS Terminals Are There in India?

Point-of-sale (POS) terminals are electronic devices that allow merchants to process card payments. With the rise of digital payments and the demonetization drive in India, the adoption of POS terminals has been on the rise. In this article, we explore the current state of POS terminals in India and look at how many terminals are there in the country.

The Current State of Digital Payments in India

Over the past few years, India has seen a significant shift towards digital payments. According to a report by the Reserve Bank of India, the number of digital transactions in the country grew by 58% in the FY 2018-19, reaching 3,434 crore transactions. This growth can be attributed to factors such as the rise of e-commerce, the proliferation of smartphones, and the government's push towards a digital economy.

The Rise of POS Terminals in India

As the adoption of digital payments increased, so did the demand for POS terminals. According to a report by TechSci Research, the POS terminal market in India is expected to grow at a CAGR of 12.6% during the forecast period 2019-2024. This growth can be attributed to factors such as the increasing number of merchants accepting card payments, the rollout of new payment technologies such as contactless payments and QR codes, and the government's push towards a digital economy.

How Many POS Terminals Are There in India?

According to data from the Reserve Bank of India, as of March 2021, there were 46.7 lakh POS terminals in the country. This is a significant increase from the 13.8 lakh POS terminals that were there four years ago in March 2017. In other words, there has been a three-fold increase in the number of POS terminals in the country over the past four years.

The Future of POS Terminals in India

The growth of POS terminals in India is expected to continue in the coming years. According to a report by ResearchAndMarkets.com, the POS terminal market in India is expected to grow at a CAGR of 20.2% during the forecast period 2021-2026. This growth can be attributed to factors such as the increasing adoption of digital payments, the growth of e-commerce, and the government's push towards a cashless economy.

Conclusion

The adoption of digital payments in India has been on the rise in recent years, and POS terminals have played a crucial role in facilitating this transition. With the government's push towards a digital economy, the demand for POS terminals is only expected to grow in the coming years. As per the latest data, there are currently over 46 lakh POS terminals in India, and this number is expected to grow at a rapid pace in the future.