Technology for MSMEs: PhonePe, the digital payment and wallet application, has announced the launch of its new Point-of-Sale (POS) device, enabling merchants to accept payments from UPI, debit cards, and credit cards.
The device comes preloaded with the PhonePe POS app and supports transactions through tap/swipe/dip and interoperable dynamic QR codes.
The new device has a PCI-PTS 6 certification for merchant and consumer data security. PCI-PTS stands for Payment Card Industry – Pin Transaction Security (PTS), a security standard for all terminals and other hardware focused on the characteristics and management of devices used to protect cardholder PINs.
The new PhonePe POS device is built on the Android system and will have a touchscreen, along with 4G connectivity supporting a SIM card slot, a built-in printer for payment receipts, and Wi-Fi connectivity.
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According to the company’s spokesperson, merchants will have to pay Rs 349 per month as rent for using the PhonePe POS device. However, the company did not share the interchange rate, commonly known as the transaction fee, that the merchant has to pay for every transaction.
Vivek Lohcheb, Head of Offline Business at PhonePe, said, “The PhonePe POS device 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.” He added that the company plans to take this solution nationwide and deploy 1,50,000 devices by next year.
Launched in 2015, PhonePe has a network of over 3.5 crore merchants across the country with over 46.5 crore registered users. In addition to payment and wallet solutions, PhonePe provides insurance, travel booking, and online shopping features through its application.