Fintech giant PhonePe launches POS device to compete with Paytm

UPI payments leader PhonePe today announced the launch of its Point-of-Sale (POS) device as it looks to compete with Vijay Shekhar Sharma-led Paytm.

According to the company's statement, The device will accept payments for merchants and is compatible with Debit Cards, Credit Cards, and UPI.

PhonePe said the device operates on the Android platform and comes preloaded with the PhonePe POS App, and supports various transaction methods, including tap, swipe, dip, and interoperable dynamic QR codes. 

Notably, The device has PCI-PTS 6 certification, an industry standard for payment security, which ensures the protection of both merchant and consumer data, contributing to its reliability, the company claims.

Additionally, The POS device includes features such as automatic batch closure and unified reconciliation, which are intended to simplify account settlement for merchants.

The device's physical attributes include a touchscreen display, a processor designed for fast response times, and a long-lasting battery. It is equipped with a built-in printer for instant receipt printing and supports both 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.”

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