Fintech major BharatPe launches an 'all-in-one' payment acceptance device

Fintech major BharatPe on Tuesday announced the launch of BharatPe One, which integrates multiple functions of a payment acceptance device.

The device enables transactions via different methods such as point-of-sale (PoS), quick response (QR) code, tap-and-pay, and traditional card payment options such as debit and credit cards.

The company unveiled the device a day after Paytm launched two new soundbox devices.

“We have received an overwhelming response from our merchants in the pilot phase, and we reckon that this will be another game-changer for the digital payments ecosystem, further consolidating our position as a trailblazer in the fintech industry,” said Rijish Raghavan, Chief Business Officer - PoS Solutions, BharatPe.

BharatPe One has a high-definition (HD) touchscreen display, 4G and Wi-Fi connectivity, and is powered by the latest Android operating system (OS). It is aimed at catering to the needs of offline merchants with its real-time transaction updates and instant voice payment confirmation.

“By combining multiple functionalities into one cost-effective device, we're providing a comprehensive solution tailored to the varied needs of small and medium businesses across diverse sectors. BharatPe is a merchant-first company, and this state-of-the-art device underscores our commitment to be a preferred partner for offline merchants, delivering value and empowering their business growth,” said Nalin Negi, Chief Executive Officer (CEO), BharatPe.

BharatPe’s payment acceptance device rivals those offered by others in the category, including Paytm and PhonePe’s soundboxes as well as PoS machines offered by Pine Labs and MSwipe.

For instance, Paytm has deployed over ten million soundboxes in the Indian market.

Similarly, PhonePe has deployed over four million “SmartSpeakers” and plans to add 10 million devices by the end of this year.

A larger network of soundboxes not only enables fintechs with wider coverage among merchants but also adds to their revenues with the help of subscriptions or recurring monthly device fees.

A Bank of America (BofA) Securities report published in June last year said that the target market for soundboxes is 25 million medium-sized small and medium enterprises (SMEs) and 15-17 million smaller SMEs.