Digital payments provider Pine Labs has launched Mini, a cheaper variant of its point-of-sale (PoS) device, which will allow merchants to accept both quick response (QR)-based and card-based payments.
The device is near-field communication-enabled, and can accept card payments only through the tap-to-pay mode.
“QR-based and card tap payments are a perfect solve for Indian consumers on the go. On the merchant-side, an absolute must is a fast checkout experience and elimination of the cost barrier in point-of-sale digitisation. Addressing these needs, we are delighted to launch a QR-first, card accepting, cost-effective PoS solution called Pine Labs Mini,” said Navnit Nakra, CRO, Pine Labs.
Pine Labs said the Mini device is available at nearly a third of the cost of a regular PoS terminal, and is targetted at small merchants. This comes at a time when the competition in the PoS market is fierce, as companies see this as a way of revenue generation.
Fintech major Paytm focussing on widening the acceptance of its sound-based PoS, Soundbox. In July, Paytm launched different variants of its Soundbox, including a portable pocket version of the device for smaller merchants. Paytm, in its FY23 annual report, had said that it had deployed 68 lakh such devices from 29 lakh in FY22.