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10th May 2022

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Economy

Card payment gadgets installation hits a record

Monday May 10 2021

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An agent swipes a card. FILE PHOTO | NMG

alushula By PATRICK ALUSHULA
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Summary

  • Businesses have installed an additional 4,777 card payments or point-of-sale (PoS) machines since the onset of Covid-19, sending the total count of these digital payment platforms to a record high on increased demand for non-cash transactions.
  • The latest Central Bank of Kenya (CBK) data to March shows that there were 48,355 PoS machines, up from 43,578 at the end of February last year.
  • Businesses had slowed down on PoS machines installation for three consecutive years but the onset of Covid-19 halted this as debit, credit, prepaid and charge cards usage rose on reduced cash handling.

Businesses have installed an additional 4,777 card payments or point-of-sale (PoS) machines since the onset of Covid-19, sending the total count of these digital payment platforms to a record high on increased demand for non-cash transactions.

The latest Central Bank of Kenya (CBK) data to March shows that there were 48,355 PoS machines, up from 43,578 at the end of February last year.

Businesses had slowed down on PoS machines installation for three consecutive years but the onset of Covid-19 halted this as debit, credit, prepaid and charge cards usage rose on reduced cash handling.

An additional 6,945 PoS machines had been added in the year to March 2017 but slowed in the years that followed to 3,538 kits in the 12 months to March last year when the first case of the infectious virus was reported in the country.

Banks have been at the forefront in pushing for card usage with top lenders such as KCB, Equity and Co-operative Bank of Kenya offering zero costs at PoS payments to stem competition from mobile money transactions.

The number of transactions via PoS machines also increased by 209,818 to 3.511 million at the end of March, showing a rise in popularity.

2021-05-10 03:35:32


www.businessdailyafrica.com


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