Merchant commerce platform Pine Labs has introduced a merged QR product, called Paper POS, for acceptance of payments by merchants.
Pine Labs Paper POS can be used to accept various Unified Payments Interface (UPI) and Bharat QR payments using a single QR at the point-of-sale (POS).
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In addition, merchants can use the company’s countertop Plutus and Plutus Smart POS devices to print a chargeslip for the customer.
Paper POS is said to be cost-effective, easy to install and helps avoid long customer queues. For merchants, the solution also provides transaction insights and reconciliation.
Customers can simply scan the QR on the Paper POS with any UPI / Bharat QR app, enter the amount and then relevant credentials to authorise the payment.
Pine Labs chief product officer Venkat Paruchuri said: “Paper POS is our latest innovation, and will accelerate the growth of electronic payments acceptance in the country.
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By GlobalData“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.”
Earlier this month, Pine Labs partnered with Mastercard to expand omnichannel payment options for consumers via a value-added services range. As part of the alliance, Mastercard invested in Pine Labs to further boost electronic payments.
Currently, Pine Labs processes $30bn in payments per year and caters to approximately 140,000 merchants across nearly 450,000 network points.
