Reliance Jio is on its way to launch Jio POS Machine to make digital transactions easier between customers and small and medium-sized merchants. Currently, Jio has started pilot experiment at metro cities with few merchants. Once the test completes, Jio may soon launch PoS Terminal officially for all merchants. So, in this article, we will talk about Jio Pos machine, fees and charges for using it, other features and eligibility criteria for the merchants. So without any further due let’s jump into it.
What Is Jio PoS Machine?
The full form of PoS is Point Of Sale. These are electronic devices provided by various banks for merchants to collect payments from customers using various digital payment methods such as ATM cards, debit cards, credit cards, etc. But, different banks charge a nominal percentage of the whole transaction amount as a processing fee.
But now, like what Jio did with the telecom industry, again it’s going to disrupt the PoS business by offering very less or free processing charges for merchants which will ultimately help small and medium-sized merchants to adopt the digital curve. However, they must have their bank accounts and other documents to get started with Jio PoS machine.
Eligibility Criteria & Required Documents
As of now, there is no information about it, and Reliance Jio also didn’t tell anything on this officially. Once we have the information, we will provide the same here! However, Aadhar card, Trade License, Bank passport copy, photographs etc. might be required for registration.
Fees & Charges Merchants Need To Bear
The primary security money of Rs 3,000 needs to be deposited before using the Jio PoS machine by the merchants. 56 days of the complimentary welcome pack will also be given initially. Post the ending of the complimentary pack, Jio will refund or adjust it. The processing fee is set to 0% and 0.4% for transactions up to Rs 2,000 and above respectively. There will be no MDR or merchant discount rate making the transaction fee zero to the banks.
How To Apply For Jio PoS Machine?
Jio has partnered with Hindustan Unilever Limited to boost up the on-boarding process of merchants as the FMCG company works with millions of merchants across the country. So, if you are working with HUL as a Prime Merchant, you might be able to apply for the Jio PoS Machine very soon. As per the report, you should first become a Jio Prime Partner merchant, after that, you will be able o get PoS Device which will probably be called Jio Prime Partner.
- To register for PoS device, head over to this URL
- OR dial 1800-896-2000.
- Enter name, mobile, address and click on submit button.
- Visit nearest Jio Center to complete registration process.
Jio PoS Machine Features At A Glance
A high-speed barcode scanner built-in with the machine makes it super fast to scan any barcode provided by the customer to accept payments through a number of payment methods. Jio Prime Partner app and Tap & Pay features are also a part of the machine.
It will be very interesting to see if Jio PoS machine can give a tough competition to other players in the industry. Please, leave your thoughts about it in the comments below.