boom time for swipe-machine makers
As consumers across the country try to keep prices low
They chose to pay for their day-to-day needs via debit and credit cards, which resulted in many small retailers ordering a swipe machine.
For example, Pine Labs, one of India\'s largest suppliers of EDC machines (
Electronic draft machine or card reader)
Lokvir Kapoor, its CEO, said the company\'s product demand doubled.
\"Up 24% this year --on-
\"With the new ruling, we expect to grow by 60% this year and credit card payments will be the preferred trading model.
\"One day after Prime Minister Narendra Modi declared the old Rs 500 and Rs 1,000 notes invalid, debit card transactions nationwide soared by 108% (
Wednesday on Tuesday)
Credit card consumption rose 60%, according to Pine Labs.
Card brushing machine providers are receiving requests for EDCs from new categories such as university canteens, small time merchants and wholesalers.
Even emerging cities including Sindhudurg, Beed, Tiruchirappalli and Bokaro, cash transactions have been the norm so far and have entered
However, the average fare for the card deal of RS 2,504 fell by 35% on Tuesday and RS 1,623 on Wednesday.
\"There is a huge increase in the number of people, who are Rs-100 with a lower amount on the card ID card.
200, \"says Kapoor.