Should Card to Card Funds transfer be enabled on Indian POS Terminals?

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          The awareness levels amongst Indians for digital transactions are on the increase. More and More Indians are willing to experiment various ‘LessCash’, modes.
          Banks, eCommerce Companies, Prepaid Issuers, Government Agencies, Media, Private Players all are doing their bit to promote Safe eTransactions.
          The needs of citizens residing in Urban Areas and Rural Areas are different. Urban area residents prefer digital cash as part of their daily routine.
          Rural area citizens prefer a combination of digital and physical cash in their daily routine.
          A large number of rural citizens reside in urban areas for their daily livelihood. These citizens prefer to send back a substantial part of their earnings to their families in rural areas.
          They are interested in National Remittance facilities.
The traditional modes of remittances are:-
01)  Time consuming
02) Unreliable
03) Unsafe
04) Costly
05) Not available 24*7

Alternate remittance facilities are becoming popular in the last couple of years.
But these alternate remittance facilities demand one or more of the following:
01)  Smartphone
02) Net Connectivity
03) Complex set of passwords
A remittance facility which is
A)   Easy to use
B)    User friendly
C)    Pocket friendly
D)   Minimum down time
E)    Assistance to complete the transaction
F)    Safe
Would be a boon and also assist in rapid economic development.

Enabling Cards-to-Cards transfer through POS terminals is the best choice available.
Read these articles for more information on Cards-to-Cards transfer.
  • Now, use your debit card for inter-bank fund transfers at ATM centres
  • Card To Card Fund Transfer facility on Bank’s ATMs using NPCI NFS platform
  • SSHH – TOP SECRET – NPCI LAUNCHES ITS FIFTH SERVICE ON NFS
Extract from NPCI Magazine – April 2014
NPCI introduces Card to Card Fund Transfer in NFS
NPCI has introduced Card to Card Fund transfer as the latest Value Added Service in the NFS ATM Network.
This service has been piloted with Union Bank of India & Andhra Bank, and is currently offered by Yes Bank as well. Key feature of card to card fund transfer is instant credit to Beneficiary’s Account on the basis of beneficiary’s ATM/Debit Card number.

Yes, some tweaking of the existing technology is required but this is not impossible.







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