PhonePe has launched a new device called point-of-sale (POS) that allows merchants to accept payments through debit cards, credit cards, and UPI. This device comes with the PhonePe POS App installed and supports various transaction methods such as tap, swipe, dip, and interoperable dynamic QR codes.

PhonePe aims to expand its POS solution across India by leveraging its extensive network of over 35 million merchants nationwide. The company plans to deploy 150,000 devices by the next year, according to a report by the Economic Times. By accepting credit and debit transactions, merchants can expect an increase in their average ticket size, leading to overall business growth.

PhonePe is offering the device at a “nominal” monthly rental, although the exact amount was not specified. The rapid digitisation in India, increased usage of smartphones and plastic cards, and government initiatives to reduce cash transactions have resulted in significant adoption of POS devices by merchants. According to a PwC report from 2021, India witnessed a 300 per cent rise in the adoption of POS terminals over the past five years, making it a lucrative market segment.