IT IS TIME TO UPGRADE PoS DEVICES

Banks are advised to upgrade their Point of Sale (PoS) devices in order to run on 3G and 4G platforms in the framework when 2G technology is being phased out.  Guidance from the Telecom Department adds:

1. As of now Bank devices are using 2G for the PoS devices which will become obsolete in a couple of years.
2. What we are going to see is only 3G, 4G or further beyond that.
3. Therefore, it is necessary that we should ensure that the advanced technology is put to use.
4. It is also necessary for all the officials concerned to discuss the areas where the technology could be applied once it is rolled out in the country through development of use cases.
5. The country’s infrastructure developed during the last three years are quite favourable which has paved way for increase in the number of mobile towers from less than 2 lakhs to 5 lakhs, which is indeed laudable.
6. The number of Base Tower Stations (BTS) had gone up from 5-6 lakh to over 20 lakh the report added.
7. The number of mobile users also has also increased to over 1.2 billion.
8. It is therefore felt that we should start working on 5G rather than being a follower as in the case of some earlier technologies.
9. The objective of 5G includes
   1. Developing and demonstrating 5G use cases for banking and financial services
   2. Setting up a 5G R&D experience platform and
   3. Provide State-of-the-art experimental test bed solutions for
      1. Mobile
      2. Wireless technologies,
      3. IoT and
      4. Security services for BFSI

Note:

This was revealed by the Telecom Official while inaugurating the 5G Use Cases Lab for the Banking and Financial Sector set up at the Institute for Development and Research in Banking Technology (IDRBT).