India's Card Industry Has Huge Growth Potential

Feb 03 2005 : India’s payment card industry is about to explode due to factors such as low-cost POS terminals, greater card acceptance and the popularity of debit, according to the Institute for Economic research (NCAER). At end-2004, over 150,000 merchants accepted debit cards and this will increase in 2005 with locally made card terminals effecting a 50 per cent drop in POS system costs. Foreign-made terminals can cost USD 350 (Rs 15,400), but local terminal makers such as Advanced Micronic Devices are supplying EMV-certified POS terminals to the Indian market, where about 35 per cent of POS terminals are EMV-ready.

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