Way back in 2009, Reserve Bank of
India vide this circular
allowed cash withdrawal of INR1000/- from Point-of-Sale (POS) Terminals.
Over the last few years, few Banks
have ventured into Cash
Withdrawal through POS Terminals. However due to various factors, this has
not been much of a success.
Now, there is a chance for Indian
eCommerce Companies to explore the vast
market of physical cash delivery.
It is not that much complicated and
does not require much additional investments by the eCommerce companies.
The brief process flow is as under:
01) Delivery persons carry MPos (Mobile POS)
terminals along with physical cash of maximum INR25,000/-
02) At the time of delivery of the goods,
enquiry is made if they would like to withdraw physical cash through their
debit cards.
03) In case where the customer says YES, the
Debit Card is swiped in the MPOS terminal and cash handed over.
04) Initially the limits can be set to
INR1000/- per transaction.
This is win-win proposition
to increase the share of Safe Digital Transactions in our country.
Cash Withdrawal at
Point-of-Sale (POS)
Presently cash
withdrawal facility using plastic cards is available only at Automatic Teller
Machines (ATMs). As on May 31, 2009, number of ATMs and POS terminals in the
country stood at 44,857 and 4,70,237 respectively. The use of debit cards at
Point-of-Sale (POS) terminals at different merchant establishments has been
steadily increasing. As a further step towards enhancing the customer
convenience in using the plastic money, it has been decided to permit cash
withdrawals at POS terminals. To start with, this facility will be available
for all debit cards issued in India, upto Rs.1000/- per day.
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