Continuing its offline push, Flipkart-backed PhonePe has partnered with Indian Oil Corporation to deploy its own point-of-sales (PoS) payment terminals across all IOCL retail outlets nationally, the companies said in a joint press conference.
As part of the pilot program, PhonePe PoS devices have already been installed at 30 IOCL outlets.
The device will allow IOCL customers to pay using UPI, credit and debit cards, PhonePe wallet, or other external wallets including JIO money and Freecharge. It’s interesting to note that PhonePe rivals – Softbank-backed Paytm and Sequoia Capital-backed Mobikwik have also directly tied up with various oil and gas distribution outlets in India.
“With this step, we can accelerate the pace of digital payments adoption by consumers at fuel outlets across the country. We are well on our course to meet our target of installing a million POS devices across 50 cities in India in 2018,” Pradeep Dodle, Head of Business of PhonePe, said.
PhonePe had launched the PoS device in November last year targeting the small merchants and retailers. PhonePe is currently used by over 60,000 online and offline merchants including MakeMyTrip, PVR, Cleartrip, 1mg, FreshMenu, Faasos, and Abhibus, besides Café Coffee Day, Apollo Pharmacy, KFC, Barista, Spencer’s, FoodWorld, among others.
On the peer-to-peer payments segment, PhonePe is planning to introduce more applications that will imitate several mobile banking features and is open to partnerships to offer financial products such as insurance and loans as future offerings.
PhonePe recently entered into a strategic partnership with another digital payment app FreeCharge. It has a similar partnership with JIO Money.
The company has also teamed up with McDonald’s and wholesale grocery chain Metro Cash & Carry to allow PhonePe consumers to make payments at their retail outlets.
Flipkart, which acquired PhonePe last year, has committed an investment of USD 500 million to expand PhonePe’s operations, in addition to USD 75 million, it invested during the acquisition.moneycontrol