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 and 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 eight to twelve months on AA batteries.
"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," said CEO PhonePe, Sameer Nigam.
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).
"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," said CTO, PhonePe, Rahul Chari.
The device will be piloted in Bengaluru shortly before rolling it out across the country. (ANI)