PhonePe Unveils Revolutionary All-in-One POS Device, Redefining Merchant Payments in India
PhonePe Sets Sights on Nationwide Expansion, Aims to Deploy 150,000 POS Devices by Next Year
6 July 2023
PhonePe launches an all-in-one POS device, enabling seamless payments through debit cards, credit cards, and UPI.
The device supports tap, swipe, dip, and interoperable dynamic QR codes, challenging rival Paytm's traditional POS machines.
PhonePe aims to expand nationwide, deploying 150,000 devices to empower merchants and drive business growth.
PhonePe, a leading digital payment platform in India, has taken a major stride forward with the introduction of its all-in-one Point-of-Sale (POS) device. This innovative device empowers merchants to accept payments seamlessly through debit cards, credit cards, and UPI, revolutionizing the way transactions are conducted.
Equipped with the PhonePe POS App, this cutting-edge device supports a range of transaction methods, including tap, swipe, dip, and interoperable dynamic QR codes. By providing this comprehensive solution, PhonePe aims to challenge its rival Paytm, which had been relying on traditional POS machines from established banks until recently.
The decision to launch the one-stop POS solution puts PhonePe in direct competition with Paytm, driving the market's evolution. In the first two months of the current fiscal year, Paytm reported an impressive 118% surge in payment device subscriptions among its merchants. This remarkable growth reflects the increasing demand for streamlined payment solutions across the country.
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Vivek Lohcheb, Head of Offline Business at PhonePe, expressed the company's ambition to expand its POS solution nationwide, leveraging its extensive network of over 35 million merchants. With a target of deploying 150,000 devices by the following year, PhonePe aims to solidify its presence in the market and catalyze further growth for businesses.
Merchants embracing the PhonePe POS device can expect a boost in their average ticket size, driving overall business growth. The ability to accept credit and debit transactions opens up new avenues for revenue generation and customer satisfaction. PhonePe's commitment to offering the device at a "nominal" monthly rental ensures accessibility and affordability for merchants of all sizes.
India's rapid digitization, coupled with increased smartphone usage and government initiatives to reduce cash transactions, has led to a significant surge in the adoption of POS devices. According to a 2021 PwC report, the country witnessed a remarkable 300% increase in POS terminal adoption over the past five years. PhonePe's entry into this lucrative market segment signals its determination to play a leading role in India's digital payment revolution.