Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Digital payments push may blow Rs3,800 crore annual hole in banks: report    </title>
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-PTI

After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments

Mumbai: The government&rsquo;s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved..."/>
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-PTI

After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments

Mumbai: The government&rsquo;s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved..." />
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    <h1 class="cat-box-title">Digital payments push may blow Rs3,800 crore annual hole in banks: report</h1>
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                            <div align="justify">-PTI<br /><br /><em>After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments<br /><br />Mumbai: </em>The government&rsquo;s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved banks bleed by a whopping Rs3,800 crore annually, warns a report.<br /><br />After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments. Since then, banks have more than doubled their PoS terminals.<br /><br />The number of PoS terminals post-demonetisation has increased from 13.8 lakh in March 2016 to 28.4 lakh as of July 2017. On an average banks are installing 5,000 PoS per day. This has resulted in increase in debit plus credit cards transactions at PoS from Rs51,900 crore in October 2016 to Rs68,500 crore in July 2017, with peak reaching in December 2016 to Rs89,200 crore.<br /><br />&ldquo;We estimate that for OFF-US transactions, the aggregate annual loss for card transactions at PoS terminals around is Rs4,700 crore. However, the net revenue gain per annum from ON-US transactions at PoS would be around Rs900 crore only. Therefore, the total annual loss to the banking industry is around Rs3,800 crore,&rdquo; SBI Research said in a report on Thursday.<br /><br />The payment card industry is based on a four-party model&mdash;the issuing bank, acquiring bank, merchant and the customer. The transactions at PoS are termed as ON-US transactions if the issuing bank and acquiring bank are the same bank. If the issuing bank and acquiring bank are different entities, then it is known as OFF-US transactions. The acquiring bank bears the entire cost to create the infrastructure for PoS terminals, clearing and settlement, merchant training, terminal maintenance, and supply of consumables among others.<br /><br />The issuing bank involves the cost of issuing the cards and also manages other risks relate to card holders like failed transactions and frauds. Acquiring bank receives revenues only in the form of MDR (merchant discount rate) and monthly rental. <br /><br />Please <a href="http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html" title="http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html">click here</a> to read more.</div>                                                           
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After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments

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After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments

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                            <div align="justify">-PTI<br /><br /><em>After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments<br /><br />Mumbai: </em>The government&rsquo;s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved banks bleed by a whopping Rs3,800 crore annually, warns a report.<br /><br />After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments. Since then, banks have more than doubled their PoS terminals.<br /><br />The number of PoS terminals post-demonetisation has increased from 13.8 lakh in March 2016 to 28.4 lakh as of July 2017. On an average banks are installing 5,000 PoS per day. This has resulted in increase in debit plus credit cards transactions at PoS from Rs51,900 crore in October 2016 to Rs68,500 crore in July 2017, with peak reaching in December 2016 to Rs89,200 crore.<br /><br />&ldquo;We estimate that for OFF-US transactions, the aggregate annual loss for card transactions at PoS terminals around is Rs4,700 crore. However, the net revenue gain per annum from ON-US transactions at PoS would be around Rs900 crore only. Therefore, the total annual loss to the banking industry is around Rs3,800 crore,&rdquo; SBI Research said in a report on Thursday.<br /><br />The payment card industry is based on a four-party model&mdash;the issuing bank, acquiring bank, merchant and the customer. The transactions at PoS are termed as ON-US transactions if the issuing bank and acquiring bank are the same bank. If the issuing bank and acquiring bank are different entities, then it is known as OFF-US transactions. The acquiring bank bears the entire cost to create the infrastructure for PoS terminals, clearing and settlement, merchant training, terminal maintenance, and supply of consumables among others.<br /><br />The issuing bank involves the cost of issuing the cards and also manages other risks relate to card holders like failed transactions and frauds. Acquiring bank receives revenues only in the form of MDR (merchant discount rate) and monthly rental. <br /><br />Please <a href="http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html" title="http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html">click here</a> to read more.</div>                                                           
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After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments

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-PTI

After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments

Mumbai: The government&rsquo;s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved..." />
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                            <div align="justify">-PTI<br /><br /><em>After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments<br /><br />Mumbai: </em>The government&rsquo;s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved banks bleed by a whopping Rs3,800 crore annually, warns a report.<br /><br />After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments. Since then, banks have more than doubled their PoS terminals.<br /><br />The number of PoS terminals post-demonetisation has increased from 13.8 lakh in March 2016 to 28.4 lakh as of July 2017. On an average banks are installing 5,000 PoS per day. This has resulted in increase in debit plus credit cards transactions at PoS from Rs51,900 crore in October 2016 to Rs68,500 crore in July 2017, with peak reaching in December 2016 to Rs89,200 crore.<br /><br />&ldquo;We estimate that for OFF-US transactions, the aggregate annual loss for card transactions at PoS terminals around is Rs4,700 crore. However, the net revenue gain per annum from ON-US transactions at PoS would be around Rs900 crore only. Therefore, the total annual loss to the banking industry is around Rs3,800 crore,&rdquo; SBI Research said in a report on Thursday.<br /><br />The payment card industry is based on a four-party model&mdash;the issuing bank, acquiring bank, merchant and the customer. The transactions at PoS are termed as ON-US transactions if the issuing bank and acquiring bank are the same bank. If the issuing bank and acquiring bank are different entities, then it is known as OFF-US transactions. The acquiring bank bears the entire cost to create the infrastructure for PoS terminals, clearing and settlement, merchant training, terminal maintenance, and supply of consumables among others.<br /><br />The issuing bank involves the cost of issuing the cards and also manages other risks relate to card holders like failed transactions and frauds. Acquiring bank receives revenues only in the form of MDR (merchant discount rate) and monthly rental. <br /><br />Please <a href="http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html" title="http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html">click here</a> to read more.</div>                                                           
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Digital payments push may blow Rs3,800 crore annual hole in banks: report

Published on Sep 29, 2017   Modified on Sep 29, 2017

-PTI After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments Mumbai: The government’s digital payments push, mainly online card payments through point-of-sale (PoS) machines, may leave already capital starved banks bleed by a whopping Rs3,800 crore annually, warns a report. After demonetisation last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments. Since then, banks have more than doubled their PoS terminals. The number of PoS terminals post-demonetisation has increased from 13.8 lakh in March 2016 to 28.4 lakh as of July 2017. On an average banks are installing 5,000 PoS per day. This has resulted in increase in debit plus credit cards transactions at PoS from Rs51,900 crore in October 2016 to Rs68,500 crore in July 2017, with peak reaching in December 2016 to Rs89,200 crore. “We estimate that for OFF-US transactions, the aggregate annual loss for card transactions at PoS terminals around is Rs4,700 crore. However, the net revenue gain per annum from ON-US transactions at PoS would be around Rs900 crore only. Therefore, the total annual loss to the banking industry is around Rs3,800 crore,” SBI Research said in a report on Thursday. The payment card industry is based on a four-party model—the issuing bank, acquiring bank, merchant and the customer. The transactions at PoS are termed as ON-US transactions if the issuing bank and acquiring bank are the same bank. If the issuing bank and acquiring bank are different entities, then it is known as OFF-US transactions. The acquiring bank bears the entire cost to create the infrastructure for PoS terminals, clearing and settlement, merchant training, terminal maintenance, and supply of consumables among others. The issuing bank involves the cost of issuing the cards and also manages other risks relate to card holders like failed transactions and frauds. Acquiring bank receives revenues only in the form of MDR (merchant discount rate) and monthly rental. Please click here to read more.

Livemint.com, 28 September, 2017, http://www.livemint.com/Industry/q6dnJWF2wgJMkkIIszar1I/Digital-payments-push-may-blow-Rs3800-crore-annual-hole-in.html

Tagged with: Demonetisation Cashless Economy Cashless Transactions Point-of-sale (POS) device Point-of-Sale (POS) machines Digital Payments

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