Pine Labs launches QR-code solution for UPI payments
Noida-based merchant payments provider Pine Labs said that it launched a merged static QR-based payment solution for its merchants – the Paper POS.
In a statement, the company said that Paper POS is an all-in-one solution for accepting multiple forms of Unified Payments Interface (UPI) and Bharat QR payments through a single QR.
In addition, merchants can use Pine Labs Paper POS to accept payments across different UPI and Bharat QR payment providers including Amazon Pay, Google Pay, PayZapp, PhonePe, YONO, among others.
Vicky Bindra, Chief Executive Officer, Pine Labs
Speaking on the launch, Venkat Paruchuri, Chief Product Officer, Pine Labs, said,
“We, at Pine Labs, are constantly striving to develop innovative technology solutions to cater to the requirements of our diverse merchant base and their customers. Paper POS is our latest innovation and will accelerate the growth of electronic payments acceptance in the country. It will not only be a one-stop solution for acceptance of all payments through UPI and Bharat QR, it will also save transaction cost”
This is particularly interesting, especially for a hardware-based POS solution provider to offer physical QR-based payment solutions to increase acceptance on their network; something which was popularised by the likes of digital wallets during Demonetisation.
Pine Labs added that its Paper POS is simple to install and helps merchants to declutter the billing counter as well as contain long customer queues.
It also offers a range of other benefits to the merchants like detailed insights on the transactions as well as a reconciliation of all transactions, including Paper POS transactions on Pine Labs’ merchant apps - myPlutus web (TRM) or on the myPlutus app.
Merchants can also receive instant notifications for transactions on the myPlutus app. The Paper POS sticker can also be customised with the merchant name or store name and the merchant logo on the QR sticker.
Upon successful confirmation, using the Pine Labs countertop POS machines – Plutus and Plutus Smart – merchants can also print a customer charge slips for Paper POS transactions.
Earlier this month, Indian payments leader, Paytm launched ‘All-in-One’ QR for merchants, which will enable them to accept unlimited payments through Paytm Wallet, RuPay cards, and all UPI based payment apps directly into their bank account at zero-percent fee.
In addition, the platform also announced offering instant reconciliation of all payments through its 'Paytm for Business' app.
(Edited by Saheli Sen Gupta)