The country’s largest private sector lender HDFC Bank plans to deploy one million of its newly launched point of sales (PoS) machines per year, said Parag Rao, Group Head of Payments, Consumer Finance, and Liability Products.

“We see a significant deployment of such a terminal. We see the opportunity where merchants will stop having multiple terminals of different banks, and probably consolidate in one from the primary bank,” he told businessline.

HDFC Bank launched its new “all in one” PoS machine this week at the Global Fintech Festival. The PoS machine integrates point-of-sale (PoS), QR code scanner and soundbox features. It enables payment acceptance by supporting card dip, tap and pay, and QR scan.

Rao said that currently HDFC Bank works with nearly 4.5 million merchants and the cost of the PoS machine would be around ₹1,200-1,300 per device.

Rao said HDFC Bank is open to partnering with fintechs on developing front-end, midware and back-end solutions.

The lender had earlier launched its SmartHub Vyapar app in collaboration with embedded fintech platform Mintoak, and the PayZapp app in collaboration with Zeta, among others.