Indian Fintech PhonePe Launches POS Solution for Merchant Partners

PhonePe announced the launch of its Point-of-sale (POS) device that enables merchants to accept payments via Debit Cards, Credit Cards and UPI, providing them with a simple and seamless settlement experience.

The device comes preloaded “with the PhonePe POS App and supports transactions through tap/swipe/dip and interoperable dynamic QR codes.”

The POS device, “built on the Android platform, revolutionizes the checkout experience for businesses.”

Whether customers are at the counter, table, delivery location, or anywhere with cellular coverage, the device simplifies “the entire process, elevating the customer experience. Its reliability and security are top-notch, backed by 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 hassle-free account settlement, streamlining merchant operations.”

The device is offered at “a nominal monthly rental, and comes with world-class product quality and service from PhonePe.”

The PhonePe POS device “includes a superior touchscreen display, a powerful processor for rapid response times, long battery life, a built-in printer allowing on-the-spot receipts printing, along with WiFi and 4G connectivity via a sim-card.”

Vivek Lohcheb, Head of Offline Business at PhonePe said:

“The PhonePe POS device, a one-stop solution, 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. By accepting credit and debit transactions, merchants can expect an increase in their average ticket size, ultimately driving overall business growth. With PhonePe’s extensive network of over 3.5 crore merchants nationwide, our goal is to expand this solution pan India and deploy 150,000 devices by next year.”

As noted in the update, PhonePe was “founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike.”

With 46.5+ crore (465+ Million) registered users, “one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country.”

PhonePe claims that it is also “the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform.”

PhonePe forayed into financial services in 2017, “providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services.”

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