Digital payments entity PhonePe has partnered with Indian Oil Corporation Limited (IOCL) for the adoption of its indigenously-designed 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 & Freecharge for their fuel purchases, through the PoS device at 30 IOCL retail outlets in Bengaluru.This partnership is a validation of the potential of PoS device to make the transaction process quick and seamless for millions of local merchants and customers in India.
For past some time, PhonePe is aggressively strategizing to move out of the shadow of its parent company Flipkart. The company is not only raising its flag on the UPI front but is also making its way into the offline domain. The company is open to partnerships with large-scale companies to co-create independent fintech solutions. Recently, it entered into a strategic partnership with another digital payment app FreeCharge.The company has also teamed up 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.