India does not really lose when it comes to switching to digital platforms and online businesses. They have been invaded by e-commerce sites, too, in the past few years. Even so, not much of their establishments and business centers are using POS machines yet.
There has been a lot of buzz lately about Assam’s wish to make India not cash-less, but less cash. This does not mean completely demonetising their citizens by forcing them to use their cards instead of cash, but more of giving them other options when paying for their purchases. There is still an ongoing debate on whether or not Assam’s plan should be carried through in the country. Still, we want to take a closer look on the possible benefits of POS in all retail outlets in India. Learn more about POS
- The move to using credit and debit cards will make evading taxes more difficult. Lawmakers are also open to Assam’s plan since it would more likely force their citizens to be more abiding in their laws. However, it could also force retailers to award their valued customers rebates on their purchases so as to encourage them about these changes, too.
- The switch would give these outlets an electronic history of sales. This move will surely be a great start of modernizing how India does business. It could also be a great step for them to even more globally competitive in terms of business and digital marketing.
- POS systems in retail outlets will make it possible for them to lower borrowing costs. According to The Financial Express, this one will cause banks to willingly reduce POS rates. Thus, purchasing might even be of lower rates, which would lead to even cheaper purchases for consumers.
Because people in India are not really that much used to using their debit and credit cards, the reason why the government is still tip-toeing on the idea is the fear of how they are going to promote it. People naturally do not like change and would most often stick to what they are accustomed to. This is also why even merchants cannot decide if they are going to use these POS systems or not.
Whatever the end of these might be, people should just accept change and learn how to use it. In the same way, the government should not make the change as radical as it already is. They could probably start with baby steps until everyone is comfortable in using POS systems over just getting cash out from their wallets and purses. Point of Sales and Inventory Systems