PhonePe deal with Indian Oil Corporation

As per the PhonePe deal with Indian Oil Corporation, Flipkart‘s payments platform PhonePe has signed a partnership with Indian OilCorporation Limited (IOCL) to deploy its recently launched Point of Sale (POS) device at IOCL retail outlets.

These devices will initially be piloted in 30 IOCL outlets in Bengaluru and then rolled out across the country in a phased manner later this year. This is the company’s first major deployment of its Point of Sale devices that was launched in October this year.

“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,” said Pradeep Dodle, Head of Business, PhonePe.

PhonePe deal with Indian Oil Corporation

“With this step, we believe that we can accelerate the pace of digital payments adoption by consumers at fuel outlets across the country. We are well on course to meet our target of installing a million POS devices across 50 cities in India in 2018” he added.

“We 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,” said Sanjay Sinha, GM RS-Loyalty from IOCL.

PhonePe deal with Indian Oil Corporation

PhonePe said that over 10,000 POS units, which doubles up as a traditional calculator, has been installed in Bengaluru within three months of its launch.

Last week, We had reported that PhonePe is looking to get a larger share of the transactions from its offline business than online by the end of the year.

PhonePe deal with Indian Oil Corporation

This is being driven by the twin strategy of deploying its own point-of-sales (PoS) payment terminals at small merchant locations and partnering with major merchant chains at the national level to enable PhonePe-based payments at its outlets.

PhonePe deal with Indian Oil Corporation

The company recently partnered with the western and southern segment of the quick-service restaurant chain McDonald’s and wholesale grocery chain Metro Cash & Carry to allow PhonePe consumers to make payments at their retail outlets. It also has tie-ups with national chains such as Cafe Coffee Day, Apollo Pharmacy and Spencer’s among others.

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