Boost your retail business with JVM PAY
Payments in India have always been dominated by cash. The increased demand for digital payments in recent years, combined with robust policy and infrastructure, have encouraged merchants to accept digital payments. There are many different kinds of digital payments available today, including NEFT, RTGS, IMPS, PoS machines, UPI, QR-based payments, pay-later and link-based payment options among many others. In view of the serious health risks associated with cash (notes and coins), the 2020 pandemic has accelerated the adoption of digital payments like never before.
In this era when alternative digital currencies are at an all-time high, we should understand how this trend is delivering new opportunities to small business owners, even in remote parts of the country.
The magic of PoS
In India, most millennials and members of generation X still use debit and credit cards heavily. The reason is that they find it more convenient to swipe their card and receive a notification of money being deducted from their account instead of paying with a QR code or by cash. Additionally, card payments have become a safe and reliable way to make payments over the years.
In light of an increasing number of people still using cards for payment, market research estimates predict that PoS devices will displace traditional payment methods, thus increasing the number of installed devices from 78 million in 2019 to 161 million by 2024.
Over the last few years, POS devices have seen a great deal of innovation. A PoS device today can accept payments not only with cards, but also with mobile wallets, QR codes (displayed on screen), and loyalty points. Devices can even perform key business functions for merchants, including managing accounts and ledgers. This enables the merchant to offer better service to their customers.
Across the country, merchants and retailers in sectors such as food, pharmacy, electronics, and telecom are swiftly implementing point-of-sale machines. Large enterprises and retail chains are no longer the only ones implementing these machines. These days, small retailers are also accepting cards/digital payments through POS systems. As a result of the digital revolution ushered in by smartphones, low-cost internet, and robust online payment networks, point of sale is increasingly popular and accepted. With the pandemic, digital payment systems have consolidated their position, enabling customers to make fast, easy, and secure transactions.
JvmSwipe – Zero transaction-fee, zero rental, great potential!
The JVMSwipe system is a win-win situation for merchants, retailers, and small businesses, as it allows them to accept digital payments without having to make a large investment. Unlike other PoS market players, JvmSwipe does not charge a monthly rental fee. JvmPay has been able to reach a large number of untapped merchants (who never had a POS machine) by waiving off all kinds of fees. Additionally, it allows POS to be rolled out to smaller towns and cities, and to all types of businesses.
JvmSwipe has already been used by more than 50,000 merchants in the market. With just 3 months since launch, the company’s POS business grew from zero to US$2 bn, a record-breaking feat. Over Rs. 900 crores are clocked by its point-of-sale machines every month. JvmPay has set ambitious targets to expand its card acceptance business in the coming year.