ICICI Bank launched portable POS machines
The private sector lender, ICICI Bank launched portable hand-held machines (or portable POS machines) to avoid inconvenience around entering secret PIN number for card transactions in hotels.
The ICICI Merchant Services is an alliance between ICICI Bank and electronic commerce and payment services company First Data.
Plan: To replace 25,000 machines located in the hospitality sector enterprises with the portable hand-held machines.
Function of portable machine: A customer will be presented the machine at the table in order to authorize a transaction rather than the current practice of going to the cash counter where the Point-Of-Sale (POS) machines are generally kept.
Note: As per the new PIN rule, the Reserve Bank of India (RBI) has asked for the secret PIN to be entered for all card payments at merchant establishments. To prevent fraud and enhance security, Businesses viz. fuel stations, hotels, hospitals and restaurants would have to buy the portable, GPRS-enabled devices to offer convenience to clients.
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Month: Current Affairs - March, 2014