It’s a long time now since Reliance Jio started its journey. But now, Mukesh Ambani led telco is going to enter into fintech. Reportedly, very soon, Reliance Jio is going to launch its point of sale (PoS) machine for merchants and retailers in India. According to an industry source, Reliance Jio PoS machine is already in its beta phase for few retailers and merchants in Mumbai, Pune, Bangalore, Hyderabad, Kolkata and Chennai. Once the beta testing is over, Jio is good to go with its new PoS terminal. However, to avail the PoS device, the merchants have to first become a “Jio Prime Partner“. So, in this article, we are going to talk about how to apply for Jio Pos machine, eligibility criteria, fees & charges involved and it’s features & benefits for both merchants and regular customers.
About Jio PoS Machine
In general, PoS machines, also known as Point of Sale terminal are used to accept digital transactions through Credit, Debit cards, ATM cards, etc. But the providers of PoS devices charge a nominal transaction fee to keep the system up and to run. Reliance Jio is also going to launch it’s own PoS machines all over the country which is supposed to be known as “Jio Prime Partner PoS Machine”. Below, we are going to further discussion about it.
Eligibility for Adopting Jio PoS Machine
As of now, there is no official statement given by Reliance Jio on this matter. Once the pilot program in the above six big cities ends, Reliance may soon announce the official launch. According to the report, the Jio Prime Partner PoS will be focused on small and medium-sized merchants and retailers. Jio has also partnered with one of the largest FMCG brand Hindustan Unilever so that more merchants adopt PoS machine on their stores.
Fees & Charges
Currently, merchants are asked to deposit Rs 3,000 (as security money) to be on-boarded with the Jio PoS machine in which merchant will get 56 Days complimentary welcome pack. Once the complimentary welcome pack ends the amount will be refunded or adjusted. Moreover, a merchant can accept up to Rs 2,000 for each debit card transaction at 0% charge. However, merchants have to pay 0.4% charge for above Rs 2,000 transactions. Initially, the merchant discount rate (MDR) would be zero, so merchants do not require to pay any transaction fee to the banks.
How to Apply
Jio has been piloting POS services targeting merchant community. The company also partnered with Hindustan Unilever Limited (HUL) for acquiring merchants. If you are a merchant, you can apply for the POS device by becoming a Prime Merchant.
Payment Methods Accepted By Jio PoS Machine
As of now, the machine accepts only Cards, Jio Money and BHIM (Bharat Interface for Money) transactions. But very soon, the machine will also support all the other major payment methods and digital wallets as well.
Features & Benefits
This machine can scan QR codes as a built-in 2D/3D high-speed barcode scanner is available with the device. The device also comes with Prime Partner App, Tap & Pay features, Thermal bill Printer, 4G and long-lasting battery. Plus, loan against card receivables will be accessible for merchants. Initially, the Jio PoS machine will be helpful for merchants as there will be no MDR to pay by the merchants to the banks. For buyers and customers, making a digital transaction at merchant stores will be more convenient and rewarding as Jio may also offer cashback or special discounts for the customers.
There is already a lot of competition in this market segment. SBI also launched MOPAD or Multi Option Payment Acceptance Device that support Bharat QR, UPI, e-wallet and card payments. Top Indian banks are already competing against each other. It would be very interesting to see if like the telecom industry, Reliance Jio again become able to disrupt the fintech PoS market segment. We shall also see how fast, small and medium-sized businesses adopt Jio PoS machine to accept digital transactions at their stores and how it benefits the consumers! Please let us know your thoughts on the same in the comments section below.