Flipkart-owned digital payments player PhonePe has entered into a first-of-its-kind partnership with Indian Oil Corporation Limited (IOCL) for adoption of its Point of Sale (POS) device at IOCL retail outlets.
As part of this partnership, customers can pay using UPI, credit and debit cards, PhonePe wallet and other external wallets like Jio Money and Freecharge for their fuel purchases, through the POS device at IOCL retail outlets in Bengaluru.
â€śAs Indiaâ€™s largest integrated energy player, we have always been a pioneer in our industry when it comes to adoption of new-age technology to add value to our customers. We are glad to partner with PhonePe and have started piloting their POS device for hassle-free and cashless payments at our fuel stations. This partnership will benefit customers visiting our outlets and will make it a seamless experience for our merchants to accept digital payments,â€ť Sanjay Sinha, GM RS-Loyalty from IOCL said.
A device powered by Bluetooth, PhonePeâ€™s POS device was launched in Bengaluru in October, 2017. Meant to serve merchants of all sizes, the POS device works like a traditional calculator. Within three months of launch, over 10,000 POS units have already been installed in Bengaluru.
â€śWe 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. This partnership is a validation of the potential of our POS device to make the transaction process quick and seamless for millions of local merchants and customers in India. We are well on course to meet our target of installing a million POS devices across 50 cities in India in 2018,â€ť said Pradeep Dodle, Head of Business, PhonePe.
PhonePe has been entering into strategic tie ups with various companies to enhance the experience of PhonePe users. It recently tied up with Visa to allow Visa credit card owners to pay their credit card bills on the PhonePe app. As part of the partnership, PhonePe claims users will have zero charges and no late payment fees if they pay their credit card bills on or before the due date through the app.