Fintech unicorn Pine Labs has launched Mini, a digital payments device with both QR code and card support. The fintech giant claimed that the device will be available at one-third of the price of a regular PoS device, targeting small merchants.
The device comes with a display that can show the UPI-linked QR code of a merchant and can also accept contactless payments via credit and debit cards.
Though unconfirmed, the QR code might also be customisable on a payment-to-payment basis, given that the Mini also has a keypad. The device might also be capable of announcing transactions, much like a soundbox, given that it also features a speaker.
Commenting on the launch, Navnit Nakra, chief revenue officer (CRO) of Pine Labs, said, “QR-based and card tap payments are a perfect solution for Indian consumers on the go. On the merchant side, an absolute must is a fast checkout experience and the 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.”
Incidentally, this is Nakra’s first product launch since he joined Pine Labs from OnePlus India last month. Nakra was the smartphone brand’s CEO in India before joining the fintech giant as the CRO.
The fintech giant already has a range of four PoS devices, including three handheld devices to enable merchant payments via credit/debit cards and UPI. Per media reports, Pine Labs has sold nearly 1 Mn PoS devices in India.
Recently, other fintech companies in India have also launched PoS devices, including PhonePe and Paytm to compete with Pine Labs, BharatPe, Mswipe and Innoviti, among others. While Paytm introduced its PoS device back in 2020, PhonePe introduced its Android-powered device in July this year.
Last week, US-based Fidelity marked up Pine Labs valuation, pinning the value of its stake at $34.77 Mn as of July 31, 2023, up 4.6% from $33.24 Mn as of June 30, 2023.