According to the statistics prepared by Sakchyam Access to Finance for the Poor Programme, the number of Point of Sale (POS) systems has reached more than 12 thousand, reports Annapurna Post.
- According to Anil Keshari Shah, Deputy Chairman of Banker Association and Deputy CEO of Nabil Bank, the POS mahine was launched by Grindlays Bank, now known as Standard Chartered Bank. Later on, Alpine Card Services started giving facility of POS system.
- Initially, Alpine joined the POS system in collaboration with the Union Bank of Singapore. After Nepal Standard Chartered Bank started giving cards, Alpine collaborated with Nepal Standard Chartered Bank.
- After Standard Chartered Bank closed the said POS service, Alpine is working with Himalayan Bank to make card payment.
- According to the President of Banker’s Association of Nepal, Gyanendra Dhungana, 28 commercial banks are currently providing debit and credit card services.
Why it matters:
- POS machine is a medium of cashless business. Through this, the customer can make payments through their debit or credit card.
- The number of POS machine has been increasing due to increase in the number of malls, airlines, and various companies that are readily accepting it.
- Increase in POS machines is a reflection of increase in better, faster, industry-relevant transaction services, practices and possibly a move towards digital business.