Walmart-owned fintech giant PhonePe has launched its point-of-sale (PoS) device that enables merchants to accept payments via debit cards, credit cards and UPI.
The fintech decacorn follows the likes of Pine Labs, BharatPe and Paytm, among others, who also offer similar PoS devices.
In a blog post, PhonePe said the Android-based PoS device comes preloaded by the PhonePe PoS app and supports transactions via tap/swipe/dip and interoperable dynamic QR codes.
The Walmart-owned fintech, which has raised $850 Mn so far this year, added that the PoS device has received the PCI-PTS 6 certification, safeguarding both merchant and consumer data. “With automatic batch closure and unified reconciliation, the device becomes a one-stop solution for account settlement,” added PhonePe.
The PhonePe PoS device includes a touchscreen display, a built-in printer allowing receipts printing, along with WiFi and 4G connectivity via a SIM card.
Merchants can use PhonePe’s PoS device at a monthly rental, similar to the subscription model which has become the industry standard for devices such as soundboxes, which announce a transaction after it has been received by the merchant.
Interestingly, this is PhonePe’s second payment device offering, having launched a soundbox of its own – the PhonPe SmartSpeaker – capable of announcing a transaction in 11 languages.
Speaking on the announcement, Vivek Lohcheb, head of offline business at PhonePe said, “The PhonePe POS device empowers our merchant partners to elevate the purchasing experience for their consumers. It features a unified and cohesive interface that supports various modes of payment, providing convenience and flexibility.”
Lohcheb added that the fintech giant has set a target to deploy 150K PoS devices by next year. To be sure, PhonePe claims to have a merchant base of 35 Mn across India.
PhonePe is entering a market rife with competition, as Pine Labs dominates the startup ecosystem when it comes to PoS devices. Paytm, its direct competitor, also has the same products. According to the listed fintech’s latest operational performance update, it has deployed 7.9 Mn soundboxes and PoS devices as of June 2023 quarter, a jump of 109% from 3.8 Mn in the year-ago quarter.
By comparison, the Walmart-owned fintech decacorn is said to have deployed 2-2.5 Mn soundboxes. According to the latest report by brokerage firm BofA Securities, PhonePe, BharatPe and Paytm are the three major incumbents in the soundbox market, with the first two being more aggressive in the market.
The launch of the PoS device also comes days after PhonePe launched its payment gateway and a merchant lending marketplace.
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