The device is near field communication (NFC)- enabled and can accept card payments only through the tap-to-pay mode.
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While cheaper variants of devices in the market today are focused solely on either QR-based or card-based payments, Pine Labs’ new offering looks to edge out the competition by accepting both payment modes.
Pine Labs’ move comes at a time when the competition in the PoS market has heated up, with Paytm focusing on widening the acceptance of its sound-based PoS, Soundbox.
In July, Paytm had launched different variants of its Soundbox, including a portable pocket version of the device for smaller merchants.
Other consumer payment providers such as PhonePe have also launched similar merchant payment-acceptance devices, while Google Pay is running a pilot in the space.
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ETtechPine Labs said its Mini device is available at nearly a third of the cost of a regular PoS terminal, and is targeted at small merchants.
“QR-based and card-tap payments are the perfect solution 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, chief revenue officer, Pine Labs.
Payment players provide these PoS devices at a subscription fee, which adds to their topline.