| The broadened accessibility of POS Systems by | | | | the continent's rise in economic power in the last |
| virtue of the competitiveness of the market for POS | | | | decade. |
| equipment has vastly broadened the appeal of these | | | | Having gained significant acceptance in the large urban |
| systems to merchants all over the world. POS | | | | cities of the more affluent Asian countries, POS |
| terminals are now the preferred way of processing | | | | terminals are now making their way to smaller cities |
| credit cards, debit cards, checks, smart chip cards, etc. | | | | and other countries throughout the region. Cashless |
| in a retail environment. As countries in East, South, and | | | | transactions have the potential to help remove some |
| Central Asia vie to establish new, larger roles for | | | | of the many cultural, geographic, and economic barriers |
| themselves in the global economy, increasing numbers | | | | between the developed, developing, and |
| of merchants in these regions are making the vital | | | | under-developed worlds. This past December, 30 POS |
| transition to using POS terminals at their | | | | terminals were installed at 12 different markets in |
| establishments. | | | | Tashkent, the capital of the Central Asian country of |
| As might be expected, China, India, and Russia are | | | | Uzbekistan. This measure was taken by merchants in |
| leading the expansion of Asian POS terminal networks. | | | | response to growing need for function POS terminals, |
| POS networks are are experiencing landmark growth | | | | especially since 70-80% of Uzbekistani government |
| in these countries. A recent joint venture between ICICI | | | | employees' salaries are directly deposited onto debit |
| Bank and First Data Corporation in India will expand | | | | cards. |
| ICICI's network of terminals from 150,000 to 500,000 | | | | Certainly, the majority of Asia still uses cash as their |
| terminals over the next five (5) years. In China, the | | | | primary method of payment; but there is marked |
| number of credit cards in circulation is expected to | | | | evidence of a burgeoning continental paradigm shift |
| double by 2013. Prospects such as these reflect Asia's | | | | toward cashless transactions akin to the one currently |
| burgeoning culture of consumerism, which stems from | | | | in full swing in North America and Europe. |