PhonePe, the digital payment platform owned by Flipkart announced their partnership with Indian Oil Corporation of India, a.k.a IOCL.
In this partnership, PhonePe will deploy their indigenously designed POS terminals on IOCL outlets to ease the payment method for IOCL customers.
With PhonePe POS devices at IOCL outlets customers will be able to pay using UPI, Credit and Debit cards, PhonePe Wallet, and other external wallets like JIO money and Freecharge for their fuel purchases.
PhonePe had previously launched their Made-For-India Point of Sale (POS) device across Bengaluru.
The Bluetooth powered device was meant to serve merchants of all sizes — from kirana stores to petrol pumps to boost the in-store digital payments.
Pradeep Dodle, Head of Business, PhonePe said, “We are thrilled to partner with IOCL as we believe that with this step we can accelerate the pace of digital payments adoption by consumers at fuel outlets across the country.”
With POS device at IOCL outlets, the transaction process will be fast and smooth for millions of local merchants and customers in India.
Further he said,”We are well on course to meet our target of installing a million POS devices across 50 cities in India in 2018,”
It is not the first time that PhonePe has tied up with large-scale companies; recently they had tied-up with Freecharge and Visa Cards.
PhonePe is not only raising its flag on the UPI front but also making way into the offline national and international merchants like FreshMenu, Faasos, MakeMyTrip, KFC, Barista, Spencer’s, FoodWorld etc
PhonePe team is working aggressively to find new growth in the market and this partnership could set a benchmark for their growth ahead.
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Anuj Srivastava, From ITvoir News Desk