As India is moving closer to cashless economy after the government’s historic decision on November 8 to demonetize higher denomination currency, the recent announcement to exempt excise duty on Electronic Data Capture (EDC) machines, also known as Point of Sale (POS) machines, has made retailers scramble to install POS machines at their billing counters to accept plastic money.
Several public sector and private banks have decided not to levy transaction charges on card payments, which will further encourage small and medium retail business to go for digital payments through EDC.
POS machines are used for cashless transactions, both for making payments or as money vending machines to disburse cash in large retail businesses like Big Bazaar.
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