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Bank's Point of Sale (PoS) system
Why is it in the news?
- As per the official statement from telecom department, banks need to upgrade their Point of Sale (PoS) devices to run on 3G and 4G in the backdrop of the impending phase-out of 2G technology.
More in the news
- Currently, the banking sector uses 2G-enabled PoS.
- In a couple of years, there will be no 2G in the country. [There will only be] 3G and 4G and beyond.
- The official opined that unless such upgrade happens, banks would face challenges.
- In three years, the number of mobile towers had increased from less than two lakh to five lakh.
- The Base Tower Stations (BTS) numbers had gone up from 5-6 lakh to over 20 lakh. The number of mobile phone users is 1.2 billion.
- As per some experts, the time is right to start working on 5G so that India is a thought leader in this new technology, rather than being a follower as in the case of some earlier technologies.
- Point of Sale (PoS):(1) A point of sale terminal (POS terminal) is an electronic device used to process card payments at retail locations.(2) Software to read magnetic strips of credit and debit cards is embedded in the Pos device.(3) PoS Reads the information off a customer’s credit or debit card(4) It Checks whether the funds in a customer’s bank account are sufficient(5) It transfers the funds from the customer’s account to the seller’s account (or at least, accounts for the transfer with the credit card network)(6) It records the transaction and prints a receipt.
Source
The Hindu.