NEW DELHI: Government-owned multinational and public sector banking and financial services company, State Bank of India (SBI), now has the largest Point of Sales terminal network(PoS) in the country overtaking its private sector rivals in February. The banking firm aims to add another 1 lakh Point of Sales terminal in the current fiscal year, which ends in March 2017.
According to a press release from the SBI, it has a PoS network of 3,07,000 and about 26% of them are in semi-urban and rural areas (as of April 30, 2016).
The Reserve Bank of India (RBI) data shows that it had installed 2,96,310 PoS terminals in India, higher than HDFC Bank’s 2,81,642, Axis Bank’s 2,58,250 and ICICI Bank’s 2,00,756. These four large banks together dominate the 13,63,148 PoS terminal network in the country.
In the last financial year which ended in March 2016, the State Bank of India has added 1,00,000 new PoS terminals to its network. About 30,000 of them were equipped with near field communications to make payments online. The public sector bank has contributed 40% of the PoS terminal growth in the 2016 fiscal.
“We are moving forward in this regard. We are planning to add another 1,00,000 terminals to our network in the current fiscal. Our aim is to provide an asset-light acceptance models like application based solutions, mPoS and other emerging technologies to penetrate the micro merchant segment. Also, the card acceptance infrastructure will be developed focusing more on the Tier-3 and below centres”, the bank said.