Leading merchant commerce platform Pine Labs on Thursday announced Paper POS for merchants – an all-in-one solution to accept accepting multiple Unified Payments Interface (UPI) and Bharat QR payments through a single merged static QR at the point of sale. Also Read - Apple delays launch of online store in India: Report
Merchants can use ‘Paper POS’ to accept payments across different kinds of UPI and Bharat QR payments, including from Amazon Pay, Google Pay, PayZapp, PhonePe, YONO, among others. Using the Pine Labs countertop POS machines – Plutus and Plutus Smart – merchants can print a customer charge slip, thus, immediately confirming the transaction, the company said in a statement. Also Read - Online food delivery market in India to hit $8 billion by 2022: Google and BCG
“Paper POS is our latest innovation and will accelerate the growth of electronic payments acceptance in the country. It will not only be a one-stop solution for acceptance of all payments through UPI and Bharat QR, it will also save transaction cost,” said Venkat Paruchuri, Chief Product Officer, Pine Labs. Also Read - Rockstar Games giving away $2,000,000 in GTA Online and other Red Dead Online rewards
Paper POS will offer range of other benefits to the merchants like detailed insights on the transactions as well as reconciliation of all transactions, including Paper POS transactions at one place on myPlutus web (TRM) or on the myPlutus app. The merchants can also receive instant notifications for transactions on the myPlutus app. The Paper POS sticker can also be customized with the merchant name / store name and the merchant logo on the QR sticker, said the company.
This is how it will work for the consumers:
-Scan the QR on Pine Labs Paper POS using any UPI/Bharat QR app.
-The customer will then enter the amount on his app, and enter UPI/ Bharat QR credentials on the app to authorise the transaction.
-Upon successful confirmation, the merchants with Pine Labs POS terminals can print the charge slip for Paper POS transactions.
Meanwhile in another news, Reliance Jio recently entered into digital payments space. With over 370 million subscribers, the telco introduced UPI-based payments solution in its My Jio app. With the payments service, Jio will be taking on other fintech apps like Google Pay, Paytm and PhonePe.
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At present, the feature is only available to select users. However, a wider rollout will likely happen soon. Jio already has a payment wallet service in JioMoney app. Jio is the first telecom operator to offer a mobile wallet with UPI payments, and second among payments bank service providers to offer so.
Written with inputs from IANS