Photo Caption:
Sameer Nigam (L), Co-founder & CEO and Rahul Chari (R), Co-founder & CTO, PhonePe with India's POS device
The low cost contactless POS solution has been designed in India
The POS enables hassle-free payments for customers and merchants
New Delhi, October 31, 2017: PhonePe, India’s fastest growing payments platform, announced the launch of an indigenously designed Point of Sale (POS) device powered by Bluetooth technology. The POS device is unique to India’s digital payments ecosystem. It is meant to serve merchants of all sizes – from kirana stores to petrol pumps and food chains to quick service restaurants among others.
PhonePe, with this unique POS solution, makes transactions easier for its customers. All they need to do is bring their phone close to the POS device and it automatically shows the merchant details & amount to be paid. The merchant does not need Internet to be able to confirm that a transaction was successful. The device is the lowest cost POS device in the world serving the needs of small merchants. Apart from being low-cost, the device is portable and has no scope for misuse. It can run for 8-12 months on AA batteries. Using the device to accept payments eliminates the need for an Internet connection. This makes it cost-effective and hassle free for the merchant.
Commenting on the development, Sameer Nigam, CEO PhonePe said, “We are really excited at the potential of the PhonePe POS device. It ticks all the boxes for Indian shopkeepers to adopt digital payments rapidly - it is very cheap, easy to use and highly durable. The PhonePe POS will help accelerate the pace of digital inclusion for millions of local merchants and customers in India. At market launch, we will be giving the device for free to merchants, against a nominal security deposit.”
The POS device is the first such product in the Indian digital payments space. It works like a traditional calculator commonly used in local stores. The device is built using Bluetooth technology and provides an experience similar to Near-field Communication (NFC). It helps facilitate seamless transactions and is inexpensive to implement.
Talking about the technology Rahul Chari, CTO, PhonePe said, “The device has been built keeping Indian merchants and customers in mind. It does not require an internet connection and runs on a regular battery. The use of Bluetooth as the underlying technology makes the protocol used for the transaction robust and widely compatible. The solution provides several layers of security to ensure merchant and customer transaction safety.”
The device will be piloted in Bengaluru shortly before rolling it out across the country.
About PhonePe
Bengaluru-headquartered PhonePe is the fastest growing FinTech player in India. With over 50 million installs, the PhonePe App drives the highest number of UPI transactions in India. Using PhonePe users can send and receive money, recharge Mobile, DTH, Datacards, make utility payments and shop online and offline.