Mewar Education’s vision is to build a widespread public banking services infrastructure that makes quality banking services not just available, but more accessible to common citizens in urban and rural India. Mewar Education POS merchants can accept payments from customers using the Debit & Credit cards of all banks.
For a country spread wide and with such a dense population, we have only 100,000 bank branches, not easily accessible by the rural populace in close to 600,000 villages. With more than 624 million (and growing) debit cards, cardholders need either an expansive ATM network or more ways to access cash.
This calls for a massive lift to the payment infrastructure that can be achieved by and will benefit all players.
POS terminals can then play a major role in furthering the cause of financial inclusion. Today POS machines accept different financial instruments, primarily debit and credit cards and now wallets. Customers linked accounts get funded through remittances and direct benefit transfers (DBTs).
These accounts come with debit cards which are used at POS terminals for purchases and cash withdrawals.