PhonePe launches PoS devices for merchants

A month after dolling out its payment gateway and lending services, fintech unicorn PhonePe has introduced Point-of-Sale (PoS) devices enabling merchants to accept payments via debit cards, credit cards, and UPI. 

Besides rival Paytm, which claims to have 79 lakh paid merchants subscriptions for its devices (soundbox and PoS), the space is dominated by players like Pine Labs, BharatPe, Mswipe, and Ezetap, among others.  

With 35 million merchants, the Bengaluru-based fintech firm is aiming to deploy 1,50,000 devices by next year.

The device comes preloaded with the PhonePe PoS app and supports transactions through tap/swipe/dip and interoperable QR codes, the company said in a statement.

“The device features a unified and cohesive interface that supports various modes of payment, providing convenience and flexibility. By accepting credit and debit transactions, merchants can expect an increase in their average ticket size, ultimately driving overall business growth,” said Vivek Lohcheb, Head of Offline Business at PhonePe. 

While the exact price of the new product remains unknown, PhonePe said it is offered at a “nominal monthly rental”. 

In 2017, the Walmart-backed firm also launched an indigenous PoS calculator on Bluetooth technology.

Recently, PhonePe launched its account aggregator (AA) services through its wholly-owned subsidiary PhonePe Technology Services Pvt Ltd (PTSPL), which will allow its Indian consumers to consent to and share all their financial data such as bank statements with regulated financial institutions.