Reliance Jio takes first big step into fintech, enters PoS business - The Economic Times
Merchants and retail provision stores will have to 'deposit' Rs 3,000 to get Reliance's PoS device; and for all debit and credit card transactions up to Rs 2,000 in value, the merchant discount rate (MDR) would be zero. MDR is the cost paid by a merchant to a bank every time a debit/credit card is swiped for payments in their stores.
Currently, the PoS accepts Reliance's own wallet Jio Money and National Payments Corporation of India's BHIM and will add other wallets soon. The device comes with QR Code scanner feature. Merchants will also be able to access loan against card receivables.