Promoting And Incentivising Manufacturing Of PoS Terminals .
March 2021Promoting and incentivisingmanufacturing of PoSterminals in India
Table of contentsMarket overview6Key statistics and market opportunity9Key regulations governing the PoS industry18PoS landscape in India25PoS terminal manufacturing as part of India’s acquiring value chain38Conclusion52List of figuresCard payment ecosystem8Number of PoS terminals10Number of PoS terminals per 100,000 inhabitants in BRICS nations11Number of outstanding debit cards11Number of outstanding credit cards11Volume of card transactions12Value of card transactions12Number of transactions per year per card13Average ticket size of card transactions132PwC Promoting and incentivising manufacturing of PoS terminals in India
Message from FICCISudhakar RamasubramanianAdvisor, FICCI Fintech CommitteeDigital payments were gaining traction in India even before the COVID-19 crisis. Demonetisation kickstarted thelarge-scale adoption of digital payments in India in 2016, and the Government’s efforts over time have kept themomentum going. The turn of events in 2020 accelerated the growth trajectory of digital payments as they wereperceived as safe and convenient modes of payment. The sudden growth in e-commerce sales and online retailadded to this trend. The Reserve Bank of India’s (RBI) recently launched Digital Payments Index grew from 153.47 in2019 to 207.84 in 2020.i While this is a composite score that reflects many facets of the digital payments ecosystem,it also reaffirms the permanent and strong shift that we are witnessing.The growth of digital payments as a safe and convenient medium for financial transactions makes it necessary tostrengthen the acceptance infrastructure across the country. Data from the RBI shows that the PoS acceptanceinfrastructure in India is currently concentrated in tier 1 and 2 cities.ii The RBI has recently announced the creation ofa Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy PoS infrastructure in tier 3–6centres and north-eastern states. As the deployment of acceptance infrastructure gains pace, there will be a jump indemand for PoS machines.PoS machines have evolved from just accepting debit and credit cards to allowing payments through NFC-enabledcontactless cards, generating quick response (QR) codes for accepting payments and leveraging Unified PaymentsInterface (UPI). Further, PoS providers are also offering value-added services that support merchants to runsuccessful businesses and take care of their payment requirements. These services include accounting and inventorymanagement, payroll management, merchant financing and disbursing loans to customers. The market is alsowitnessing the growth of soft-PoS that offers a range of benefits and can complement PoS terminals well.Currently, India is highly dependent on imports for PoS terminals. Given the growing demand and the country’sfocus on Aatmanirbhar Bharat (self-reliant India) to promote domestic manufacturing, this is one sector with a lot ofpotential. However, capitalising on this potential will require significant support from the Government.FICCI and PwC have prepared this detailed report to highlight the possibilities on offer for manufacturing PoSterminals in India as well as outline the support required from the Government to boost the domestic manufacturingecosystem. Several rounds of consultation were held with different ecosystem players while preparing this report,and the report lists out a set of suggestions for the Government’s consideration on the basis of the recommendationsreceived. We hope that this report will be useful to policymakers who are working towards promoting indigenisationof high import-dependency items.I would like to thank the team at FICCI Secretariat and our colleagues from PwC for undertaking detailed researchand bringing out this timely report. I would also like to thank all the industry stakeholders for contributing with theirhighly relevant and important inputs.i https://www.rbi.org.in/Scripts/BS PressReleaseDisplay.aspx?prid 50901ii SBI data3PwC Promoting and incentivising manufacturing of PoS terminals in India
Message from PwCAbhijit MajumdarPartner and Technology Strategy LeaderPwC IndiaIndia has witnessed a 300% rise in the adoption of PoS terminals over the last five years. As of March 2020, morethan five million such terminals are already in circulation.iii A significant change in the buying patterns of consumerspost demonetisation and a need for contactless payment alternatives during the COVID-19 pandemic have fuelledthe growth of acceptance and adoption of PoS terminals in the country.Given that India has a large rural population with low access to smartphones and digital literacy, real-time paymentsmay not be able to bridge the gap between cash and cashless payments. This gap can be addressed only with thehelp of debit/credit cards and the corresponding PoS infrastructure. On the other hand, the upcoming launch of5G networks in urban centres will give rise to newer use cases for adoption of next-gen PoS terminals that utilisemethods and technologies like facial recognition, connected devices and wearables. Adoption amongst the ruralpopulation and introduction of 5G will lead to sustained growth of PoS terminals across the country’s rural and urbanlandscapes.India is primarily an importer of PoS terminals with limited domestic manufacturing capacity. Raw materials andother components required for manufacturing PoS terminals are still largely procured from other countries, whilevalue is added locally in the form of assembling the components. The domestic manufacturing industry faces highlogistics and compliance costs, an inverted duty structure, overreliance on other nations for import of componentsand long supply chains. Despite these structural disadvantages, a few domestic manufacturers have, encouragingly,established a niche for themselves over the last few years by ensuring superior product quality and customisations.The strong growth in the demand for PoS devices could be the driving force towards enabling India to become selfreliant (Aatmanirbhar) in manufacturing and helping domestic players enter and compete in foreign markets. TheGovernment of India’s (GoI) flagship initiatives like Make in India and Aatmanirbhar Bharat (self-reliant India) aim tosupport the electronics sector and the manufacturing landscape at large.Capability setup, research and development (R&D), security and quality certifications, procurement and logisticsof raw materials, and manufacturing of both hardware and software components are the key requisites in the valuechain for establishing a domestic manufacturing ecosystem. Focused interventions from the Government will berequired to overcome the challenges in each of these areas if India is to transform into a PoS terminal manufacturinghub and become self-reliant.iii Database of Indian Economy, RBI: https://dbie.rbi.org.in/DBIE/dbie.rbi?site statistics4PwC Promoting and incentivising manufacturing of PoS terminals in India
Message from PwCMihir GandhiPartner and Leader, Payments TransformationPwC IndiaOver the last decade, India’s digital payments journey has been remarkable. Various factors have the potential toimpact the future of digital payments, an important one being the prevalence of acceptance infrastructure in thecountry. The PoS device industry contributes significantly to the growth of this acceptance infrastructure. In thisreport, we have carried out a detailed study on the present state of digital cards as well as the PoS industry acrossIndia since the evolution of both these industries is interconnected. The card industry has witnessed a consistentrise in the number of debit and credit cards being used. As of FY20, more than 800 million debit cards and 50 millioncredit cards were being used across India.iv More than 5 million PoS terminals were deployed across the countryduring the same period. This report study highlights the future scope and growth of the PoS industry, backed byvarious factors like the need for digitisation in rural locations, expected higher usage of cards on PoS devices andoffering of value-added services at such terminals.We have identified other factors that could further contribute to the growth of PoS terminals, including regulatorypushes through the Payments Infrastructure Development Fund (PIDF) and the inclusion of new players such asregional rural banks (RRBs) in the acceptance infrastructure.This report focuses on the key growth drivers for the industry, changing models, cost-effective innovations onterminals and additional revenues for merchants. It explains the necessity of supplementing the local manufacturingof PoS terminals in the country by introducing soft-PoS terminals/mobile-based acceptance solutions. It also outlinesthe challenges and regulatory initiatives that could hinder the functioning of the PoS industry in the future. I hope youfind this report to be an insightful read.iv Database of Indian Economy, RBI: https://dbie.rbi.org.in/DBIE/dbie.rbi?site statistics5PwC Promoting and incentivising manufacturing of PoS terminals in India
01Market overviewThe global payment industry has been evolving significantly owing to changing customer preferences, technologyinnovations and reforms from governments and regulators. India is keeping pace with these changes and haswitnessed remarkable growth, with specific products taking the lead in reforming the Indian payment landscape.The untiring efforts and commitment from the Government and the Reserve Bank of India (RBI), along with otherministries, have led to the exponential growth of digital payments, with many innovations attracting interestworldwide. Along with card payments, Unified Payments Interface (UPI), Immediate Payment Service (IMPS), QRbased payments, Aadhaar enabled Payment System (AePS) and National Electronic Toll Collection (NETC) have beenthe major contributors in steadily transforming the cash-based economy towards a less-cash economy.6PwC Promoting and incentivising manufacturing of PoS terminals in India
The card industry, along with its acceptanceinfrastructure, accounts for a majority of the transactionsdone at merchant locations. Currently, India reliesheavily on other countries for the import of point-ofsale (PoS) terminals, which entails huge costs for theacquiring community. Owing to the current COVID-19pandemic situation, the import of these terminals fromother countries has taken a hit. This document focuseson making India self-sufficient in the card acceptanceinfrastructure market by promoting the manufacture ofPoS terminals in the country. This will also give a majorpush to the Make in India and Aatmanirbhar Bharatinitiatives.Over the years, the volume of credit cards has increased,but not at the pace of debit cards. India has madetremendous efforts and achieved success in financiallyonboarding a majority of the population into the bankingsystem. As part of the strategy to include the majority ofthe population into the banking system, debit cards havebeen issued to people. Although the number of debitcards is huge, they are mainly used for cash withdrawalat automated teller machines (ATMs) rather than swipesat PoS terminals and e-commerce transactions. Incontrast, even though the number of credit cardsis lower, their usage for ATM cash withdrawals isnegligible in comparison to swipes at PoS terminals ande-commerce transactions. (See the table below.)Card usage statisticsCard (FY 2020)1 ATMPoS and e-commerceDebit card 64% of the total volume of transactions 36% of the total volume of transactions 8,867 million transactions 5,089 million transactions INR 35,341 billion – value of transactions INR 7,005 billion – value of transactions 0.5% of the total volume of transactions 99.5% of the total volume of transactions 10 million transactions 2,188 million transactions INR 48 billion – value of transactions INR 7,323 billion – value of transactionsCredit cardHowever, with the constant push for digitisation alongwith multiple reforms, the last quarter of 2019 andfirst quarter of 2020 saw the value of card and mobilepayments surpassing that of ATM withdrawals. TheCOVID-19 pandemic also pushed customers to switchto digital modes rather than using cash.2 This trend willcontinue during the new normal. The increase in cardpayments via PoS terminals highlights the scope forgrowth.Before we deep dive into the market opportunity forthese terminals, let us understand the current cardpayment ecosystem and the impact on the differentplayers.1 RBI data, PwC analysis2 drawals/articleshow/77027593.cms7PwC Promoting and incentivising manufacturing of PoS terminals in India
Card payment ecosystemPaysscheme feePays MDRCustomerMerchantCard networkAcquiring bankPays TSP feePaysscheme feeIssuing bankPays interchange feeThird-party service providers rce: PwCParticipants in the card payment ecosystemParticipantCustomerThe one who holds the card and performs transactions.MerchantAccepts payments from the customer using the PoS terminal.The merchant pays the merchant discount rate (MDR) to its acquirer. This rate is agreed uponbetween both the parties during the merchant onboarding process and, in some cases, it is alsoregulated by the regulator. In the form of MDR, the merchant pays a certain amount for the usageof the terminal. If these terminals are manufactured in India, this cost can certainly reduce which inturn will boost the acquiring business.Acquiring bankOnboards merchant and manages the acquiring infrastructure.Acquiring bank pays the interchange fee to the issuing bank and scheme fees to the card network.The acquirer pays high costs for procuring PoS terminals which are currently imported. Bymanufacturing the terminals in India, the asset cost can be eliminated and overall, the merchantacquiring business will become cost-effective.Card networkResponsible for switching PoS transactions.Issuing bankIssues cards to the customer.Payment processorManages transaction processing along with other services like reporting.PoS manufacturerManufactures and provides PoS terminals.These terminals are currently being produced outside India and entail huge procurement costs.Manufacturers can be persuaded to set up plants in India which will subsequently reduce theimport cost.Regulators(RBI and MeitY)8The regulator in India has provided an impetus to the PoS ecosystem by setting and modifyingregulations over time.PwC Promoting and incentivising manufacturing of PoS terminals in India
02Statistics and market opportunityThe debit and credit cards market is one of the strongest pillars of the digital payment landscape, providingopportunities to various entities such as issuing banks, acquiring banks, merchants, payment service providers,card networks and PoS terminal providers. Customers today make payments digitally at in-store merchant locationsprimarily through either PoS terminals or using a QR code. PoS terminals have a steadily growing market in merchantcategories like restaurants, grocery stores, apparel stores, jewellery stores and fuel stations. These verticals recordthe maximum volume and value of PoS transactions across the country.33 ts-report-2019-a-year-in-review.pdf9PwC Promoting and incentivising manufacturing of PoS terminals in India
The card and PoS terminal markets are closelyintertwined as the relative growth of the card marketwill result in the growth of PoS terminal market. Thestatistics in the subsequent section will throw light onhow demonetisation and subsequent regulations forpromotion of digital payments changed the courseof both these markets. The demonetisation drive inNovember 2016, which pulled back the circulation ofhigh-value currency notes in the country, paved the wayfor numerous digital alternatives as lack of currencyforced customers to make purchases for goods andservices through digital modes of payment. This drivefurther led to an increase in the demand for PoSterminals across the country to facilitate e-paymentoptions for customers and provide various services tomerchants. Further, post demonetisation, the Ministryof Finance announced incentives for the promotion of adigital and cashless economy, which included discountson fuel payments made through digital means, removalof service tax on MDR for low-ticket transactions, andfinancial support from the National Bank for Agricultureand Rural Development (NABARD) on rural deployment.These incentives, combined with the effect ofdemonetisation, led to significant expansion of the PoSand cards industries.2.1. Current state of PoS andcard industries in IndiaThe card and PoS terminal markets in the country haveevolved over the years. Some of the key indicators of thecurrent growth and future scope of these markets arediscussed below.Number of PoS terminalsThe figure below shows the year-on-year increase in thenumber of PoS terminals in the country.4Number of PoS terminals (in million)CAGR: 38%3.12.55.13.71.4FY16FY17FY18FY19FY20Number of PoS terminalsInferences: A change in customer buying patterns postdemonetisation is evident as there was a growthof approximately 79% in the number of PoSterminals from FY16 to FY17. The overall compound annual growth rate(CAGR) of 38% from FY16 to FY20 indicatesthe significant acceptance and adoption of PoSterminals in the country. The PoS terminal infrastructure has more thandoubled over the period of these five financialyears. As per the RBI’s vision, the expectation of 5million5 PoS terminals by the end of 2021 hasalready been fulfilled during FY20.4 Database of Indian Economy, RBI: https://dbie.rbi.org.in/DBIE/dbie.rbi?site statistics5 Reserve Bank of India press release: https://www.rbi.org.in/Scripts/BS PressReleaseDisplay.aspx?prid 4704510PwC Promoting and incentivising manufacturing of PoS terminals in India
Number of PoS terminals per 100,000inhabitantsNumber of outstanding debit and creditcardsThe number of terminals per 100,000 inhabitants canbe considered as one of the indicators of the level offinancial inclusion in a country. In India, this numberstood at around 279 in 2018, which means the densityof population per PoS terminal is around 358. Thefigure below shows the increase in the number of PoSterminals per 100,000 inhabitants in the BRICS nationsfrom 2014 to 2018.6The cards industry is leading the cashless movement inthe long-running digital race. The following two figuresdepict the number of outstanding debit and credit cardsin India from FY16 to FY20.7Number of PoS terminals per 100,000 inhabitantsin BRICS nationsNumber of outstanding debit cards (in million)661.5771.6CAGR: zilRussia279India2014China736 738South Africa2018FY16 However, the density of population per PoSterminal ( 358) is extremely high as compared tothat in the other BRICS nations. This indicateshuge potential for growth of PoS terminals in thecountry.FY18FY19FY20Debit cards outstandingNumber of outstanding credit cards (in million)CAGR: 24%Inferences: At around 33%, India has the hightest overallCAGR amongst the BRICS nations – Brazil( 19%), Russia ( 19%), China ( 20%) and SouthAfrica ( 0%) – from 19FY20Credit cards outstandingInferences: India is largely a debit card market with thenumber of debit cards expected to be fourteentimes higher than that of credit cards by the endof FY20. The number of debit cards is growing at an overallCAGR of around 6%, while credit cards saw aCAGR of approximately 24% in FY16 to FY20. Although the number of debit cards exceeds thatof credit cards, the credit card market has hugepotential, as indicated by the constant growthrate.6 Bank for International Settlements: https://stats.bis.org/statx/srs/table/CT14B?p 20187 Database of Indian Economy, RBI: https://dbie.rbi.org.in/DBIE/dbie.rbi?site statistics11PwC Promoting and incentivising manufacturing of PoS terminals in India
Volume of card transactions8Value of card transactionsThe figure below shows the growth in the volume ofdebit and credit card transactions.9The figure below shows the growth in the value of debitand credit card transactions.10Volume of card transactions (in million)Value of card transactions (in INR billion)CAGR: 39%6,1774,7483,4861,9602,399FY16FY173,343FY18Debit cardCAGR: 0Debit cardCredit cardCredit cardInferences:Inferences: Card payments have charted a phenomenalgrowth rate of around 39% from FY16 to FY20. The value of card payments has grown at around38% from FY16 to FY20. Debit card transactions have had a growth rateof 44% over these years, with FY17 showing thehighest jump of around 104% over FY16, largelydue to the demonetisation effect. The value of debit card transactions grew at arate of around 45% during this period, with FY17seeing the highest jump of around 107% overFY16 largely due to the demonetisation effect. Credit card transactions have had a growth rateof 29% over FY16 to FY20. The value of credit card transactions grewat a rate of around 32% during this period,accounting for approximately 50% of the totalvalue of card transactions. Debit card transactions account for around60–70% of the total card volumes.8The data on debit and credit card transactions, average number of transactions per card per year and average ticket size per card per year in thesection below include both PoS terminal and e-commerce transactions as reported cumulatively by the RBI. However, it has been observed thate-commerce and PoS transactions constitute about 40% and about 60% respectively of the total number of card transactions (RBI Data Warehouse- Payment System Indicators: https://dbie.rbi.org.in/DBIE/dbie.rbi?site statistics), as can also be seen in pre-March 2020 RBI statistics.9RBI website: https://www.rbi.org.in/scripts/ATMView.aspx10 Ibid.12PwC Promoting and incentivising manufacturing of PoS terminals in India
Transactions per card per yearAverage ticket size per card transactionThe figure below shows the average number oftransactions performed using debit and credit cardsper year.11The figure below shows the average ticket size per debitand credit card transactions.12Average number of transactions per card per 8FY19FY20Debit card The average number of transactions performedusing debit cards has increased at a rate ofaround 36% from FY16 to FY20. However, thenumber of debit card transactions is relativelylow vis-à-vis the number of outstanding debitcards in the country. Thus, there is huge scopefor growth in the debit card market. The average number of transactions performedusing credit cards has increased at around 4%over the same period. Credit cards are beingused to perform a higher number of transactionsthan debit cards.RBI data, PwC analysis12 Ibid.133,0623,0211,3551,375FY16FY17PwC Promoting and incentivising manufacturing of PoS terminals in it cardCredit cardInferences:11Average ticket size (INR)Credit cardInferences: The average ticket size of debit card transactionsgrew at a rate of around 0.4% from FY16 toFY20. The average ticket size of credit cardtransactions grew at a rate of around 2% duringthis period. This indicates that credit cards are preferred forhigh-value transactions.
PoS density in IndiaBased on data received from prominent paymentservice providers, major urban centres like Delhi,Mumbai, Hyderabad, Bengaluru, Chennai, Kolkata,Ahmedabad and Pune account for approximately35% of PoS terminals in the country, while major tier 2cities like Coimbatore, Lucknow, Cochin, Chandigarh,Visakhapatnam, Surat and Jaipur account for about 6%.The rest of the distribution is scattered around other tier2 and 3 centres in India, with very low deployment percity. This highlights the highly skewed PoS deploymentacross major pockets in India, leaving the rest of thecountry heavily dependent on cash-based transactions.Therefore, there is scope to address this skeweddistribution by shifting focus towards PoS deployment intier 3 cities and beyond. The figure below shows citywise distribution of PoS terminals in India.13Distribution of PoS terminals across Indian mbatoreMaduraiTrivandrum13 SBI hopalPuneThrissurGuwahatiPwC Promoting and incentivising manufacturing of PoS terminals in IndiaMore than 5%Between 2–5%Between 1–2%Between 0.7–1%Between 0.4–0.7%
Impact of COVID-19 on the PoSlandscapeCard paymentsCard payments started declining from the last quarterof FY20 to April 2020, which can partially be attributedto the impact of COVID-19 on PoS imports from China.Total payment volumes were at their lowest in April 2020– when they saw a drop of more than 55% due to thecountry-wide lockdown.14 However, payments started topick up in May 2020. Card payments have still not fullyrecovered and stood at 68% of the total volume of cardtransactions in July 2020 as compared to the pre-COVIDlevels in January 2020.The figure below shows the month-on-month trend ofthe volume of debit and credit card transactions fromJanuary 2020.15Volume of card transactions (in 32Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20Credit card450372269Jul-20Debit cardRise of contactless alternativesCOVID-19 has paved the way for rapid adoption ofcontactless payment alternatives like UPI, QR-basedpayments and AePS. These payment alternatives havethe potential to complement the already existing PoSterminal led payment infrastructure.UPI transaction volumes increased by a whopping 80%to INR 1,800.14 million in September 2020 from 999.57million in April 2020. Total UPI transactions have morethan doubled and values worth INR 3,290 billion wererecorded in September 2020 as compared to INR 1,511billion in April 2020. The number of micro ATMs is risingat a rapid rate of 3.80% every month. Through AePS,these ATMs will help the rural population embracedigital payments. The Bharat QR segment is also seeingsteady growth at 4.23% per month, which suggeststhe untapped growth potential in India for contactlesspayments.1614 https://www.rbi.org.in/scripts/ATMView.aspx15 Ibid.16 https://dbie.rbi.org.in/DBIE/dbie.rbi?site statistics15PwC Promoting and incentivising manufacturing of PoS terminals in IndiaThe growing adoption of QR codes at merchants’outlets has augmented the monthly value ofdigital transactions at SME outlets by 10–12%.The overall increase in digital throughput faroutweighs any overlap between cards and QR.Isolated acceptance solutions like only cards oronly QR will find little relevance in this new digitalage. Our focus should be on providing merchantswith an end-to-end acceptance solution coveringcards, NFC, pay by link, EMI, BQR, UPI, microATM – all under a single account with one point ofcontact for support.Sameer Hoda, PresidentStrategy and OperationsMswipe
The figure below shows the month-on-month growth ofalternative payment options following the outbreak ofthe COVID-19 pandemic.17With UPI and AePS bouncing back and even improvingon pre COVID-19 numbers in terms of transactionvolumes unlike cards, it is important to explore new agesolutions to facilitate acceptance of PoS modes.Growth trend of contactless PoS units (in -20Micro ATMsBharat QRUPI is currently popular through mobile devices onboth the merchant and customer sides. However, UPI@PoS is slowly gaining prominence. NPCI is keen onfurther promoting adoption of UPI@PoS through nearfield communication (NFC) capabilities and wantsaggregators to facilitate this change. This would servemultiple purposes – reduce physical contact whiletransacting, provide an impetus to India’s domestic cardnetwork, as well as increase the focus on digitisationof the merchant payment space which is relativelyunexplored by UPI when compared to P2P transactions.It therefore becomes vital to explore other modes ofpayment at the PoS, especially in light of the currentpandemic.UPI has been found to process almost three to fourtimes the transaction volumes of cards (credit anddebit combined) at PoS locations.18 While this indicatesthe potential of a digital payment revolution in India,it also highlights the paucity of PoS machines in thecountry. Even though the number of PoS machinesin the country has increased, the number of uniquelocations remains low and restricted to major urbanpockets in the country. Given that India has a large rural17 RBI data18 RBI data for November–March 202016PwC Promoting and incentivising manufacturing of PoS terminals in Indiapopulation with low access to smartphones and digitalliteracy, real-time payments may not be able to bridgethe gap between cash and cashless payments. Thisgap can be addressed only with the help of cards andthe corresponding acceptance infrastructure. Cardsalso provide a more secure means of transacting largeramounts, making them the most feasible option for ruraland semi-rural customers who prefer infrequent largetransactions over frequent small transactions. Whilecard issuance no longer remains an issue, investmentin the development of acceptance infrastructure is notlucrative. Addressing the shortage of PoS machinesin India could give a significant push t
Card (FY 2020)1 ATM PoS and e-commerce Debit card 64% of the total volume of transactions 8,867 million transactions INR 35,341 billion – value of transactions 36% of the total volume of transactions 5,089 million transactions INR 7,005 billion – value of transactions Credit card 0.5% of the tota
of Oil and Gas Companies International Secreteriat Alt-Moabit 96 10559 Berlin, Germany Phone: 49 - 30 - 34 38 200 Fax: 49 - 30 - 34 70 39 12 prt@transparency.org www.transparency.org 2008 Report on Revenue Transparency of Oil and Gas Companies PROMOTING REVENUE TRANSPARENCY PROMOTING REVENUE TRANSPARENCY
5 Embed emissions targets in procurement strategy of each built environment project, incentivising contractors and supply chain using smart performance indicators. Enhance contract management, feedback and review processes to ensure zero carbon outcomes are locked in, in particular to gateway and business case reviews. Integrate sustainability into Value Engineering process during .
The green finance report provides perspective on the opportunities for an emerging VCM which will have important implications for the energy sector and has the potential to play a meaningful role in incentivising a shift in investment towards low -carbon energy technologies.
patients prompt access to effective treatments, incentivising the pharmaceutical sector to develop new products, and ensuring that expenditure on medicines is . that costs, based on list prices, rose from around 13.0 billion in 2010/11 to 17.4 billion in 2016/17 - an average growth of around 5 per cent a year (see
Manufacturing USA coordinates and catalyzes public and private investment in precompetitive advanced manufacturing technology infrastructure. Manufacturing USA is designed to: 1) develop and transition new manufacturing technologies; 2) educate, train, and connect the manufacturing workforce; and 3)
Advanced Manufacturing is the combination of information, technology and people, to add value to a manufacturing business or sector.Closely related to ideas such as Smart Manufacturing, Industry 4.0, and Industrial Digitalisation, Advanced Manufacturing builds on the agile, flexible and computer integrated manufacturing of the last 20 years.
The Smart Manufacturing Leadership Coalition (SMLC) defines smart manufacturing as "the intensified application of advanced intelligence systems to enable rapid manufacturing of new products, dynamic response to product demand, and real-time optimization of manufacturing production and supply-chain networks."(1) The ultimate goal of many smart manufacturing
Our AAT Advanced Diploma in Accounting course is the intermediate level of AAT’s accounting qualifications. You’ll master more complex accountancy skills, including advanced bookkeeping, preparing final accounts, and management costing techniques. You’ll also cover VAT issues in business, and the importance of professional ethics - all without giving up your job, family time or social .
