ICICI Bank launched portable POS machines

Screenshot_8The 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.

Screenshot_9Function 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.

India’s industrial output raised marginally by 0.1% in Jan 2014

India’s industrial output recorded marginally 0.1 % growth in January, 2014 after contracting for three months in a row.

  • The marginal improvement in the Index of Industrial Production (IIP) was mainly on account of higher power generation and mining sector output, while manufacturing declined.

Though, the cumulative growth of the industrial production during the 10-month period from April to January of this financial year was flat compared to an over 1 % growth in the same period of 2012-13.