SBI Bank plans to install half a million Point of sale (PoS) terminals

State Bank of India (SBI) is planning to increase outlets accepting plastic payment by 150% within three years. This will be achieved by adding half a million point of sale (PoS) terminals in the country. The PoS terminal helps in delivering microfinance activities and also for reading smart cards (Credit & debit cards). This could also be one more banking channel in addition to branches, ATMs, and the Internet.

As reported by The Economic Times, SBI has proposed a request for a joint venture company that will install the PoS terminals. The Royal Bank of Scotland, First Data Corporation, and Financial Technologies are the companies interested in partnering SBI for this venture. At present ICICI Bank and HDFC Bank are the largest issuers of PoS terminals. In all, there are close to four lakh PoS terminals currently deployed by various banks.