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Paytm and Pine Labs both launched gadgets with equivalent features on the same day.

Paytm and Pine Labs, two payment providers, released stripped-down variants of a complete Point of Sale (POS) equipment that allows for transactions via both the Unified Payment Interface (UPI) and credit cards on September 4. But there is one small catch. Only tap-and-pay debit and credit cards supported by near-field communication (NFC) innovation can be accepted by the devices.

Paytm and Pine Labs

They are unable to make swipe transactions. For purchases above Rs 5,000, a consumer must scan and pay in accordance with the Reserve Bank of India’s (RBI) guidelines. Paytm has been emphasizing on its soundbox devices, releasing numerous variations of the gadget in recent months. Pine Labs, Paytm’s rival in the retail payment industry, introduced a comparable solution on the same day. This ‘Mini’ gadget is capable of handling both tap-and-pay card transactions and UPI transfers using QR codes.

Paytm and Pine Labs target market:

The choice to introduce these items concurrently highlights Pine Labs and Paytm’s strong rivalry for domination in a field that has seen enormous development in recent years. The outdoor payments landscape has evolved into a critical battlefield for firms wanting to provide secure, easy, and efficient payment options to both customers and enterprises.

The new payment interface from Pine Labs seeks to improve the consumer experience by enabling smooth UPI-based transactions. At the same time, Paytm’s solution concentrates on tap-and-pay card transactions, giving users a quick and frictionless payment process.

Paytm and Pine Labs cut-throat competition:

Both companies have significant positions in the Indian market, with Pine Labs supplying over 150,000 retailers and Paytm’s large user base covering various banking services. This head-to-head battle demonstrates their intention to broaden their reach and capture a larger piece of the booming offline payments sector.

As Pine Labs and Paytm fight it out, customers and companies should expect more options and superior services, which will ultimately benefit from the continued growth in creativity and rivalry in India’s electronic payment sector.

Paytm and Pine labs gadget prices:

Mini is accessible to retailers for Rs 1,999 initially, plus an annual fee dependent on the number of payments handled. Paytm’s Card Soundbox is available for Rs 999, plus a monthly subscription cost. It provides complimentary soundbox terminals and generates cash through monthly subscription payments. Pine Labs claims that their PoS devices are currently used by 1.1 million retailers. Paytm has set up around 8.5 million soundboxes to far and keeps presently 1.2 million gadgets every quarter, according to Bhavesh Gupta, the company’s chief operating officer.

The Justification for Unification:

According to RBI data, the nation had 81 lakh POS devices deployed as of July this year, and 28 crore UPI QR tags. There were 60 lakh point-of-sale devices and 17 crore UPI QR tags sixteen months ago. This is a more than 65 percent increase in UPI code formats.

Credit card expenditure increased by 35% during the same time, demonstrating that the rise in UPI has not dampened consumer enthusiasm for credit-led purchasing development.

Read More: New Laptop Licensing Program: Know the reasons of this new Govt. Policy

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