I write to you on behalf of Oxigen Services India Pvt. Ltd, please find below appended quote on government’s ban on the Rs. 500 and Rs.1000 currency by Mr. Sunil Kulkarni, Deputy Managing Director, Oxigen Services India Pvt. Ltd.
“This is a master stroke by PM which will majorly change India’s digital payments infrastructure. It is expected that over next three years, the current PoS installed base will increase from 1.5 Million terminals over approx. 750,000 Retail touch points predominantly in urban to about 5-7 Million PoS with penetration in sub-urban and rural markets. India has close to 15 million merchants of which only 750,000 have electronic payment acceptance infrastructure.
Oxigen with its Oxigen Wallet for consumers and SuperPoS for acceptance infrastructure is in a great position to participate and contribute significantly to this movement. Also, The recent announcement by the government to remove surcharge on electronic transactions for Government payments, announcement of Acceptance Development Fund to boost electronic payment infrastructure for retail merchant network and lastly GST with April 1 2017 are all clear direction of move towards large scale digitisation of payments.”
