After completing testing for these devices, fintech giant CRED plans to deploy checkout terminals to major lifestyle retailers like supermarkets, quick-service restaurants, salons, fashion stores, and others. The terminals will be available in various shapes and sizes, from small devices that fit into a pocket to kiosks that let retailers give out rewards based on the kinds of customers, cards, and transactions they receive.
Users of UPI can use any application to pay through the checkout terminals because the devices will be compatible with each other. According to CRED, large retailers in industries like dining and fashion are eligible to apply for CRED Dynamic QR (quick response) devices, which are driven by Razor pay POS and Pine Labs.
“CRED checkout terminals enable merchants to engage with affluent customers by offering a premium and rewarding experience for high-value payments, not just credit card bills. Members enjoy rewards regardless of whether they are paying on a credit card or UPI,” CRED executive Akshay Aedula said.
In the Indian market, for example, Paytm has installed more than 10 million soundboxes. Similarly, PhonePe has over four million “SmartSpeakers” in use and intends to add 10 million by the end of the year. Expanding the network of soundboxes provides FinTech with increased visibility among retailers and boosts their income through ongoing monthly device fees or subscription services.
According to a Bank of America Securities analysis released in June of last year, soundboxes are targeted at 25 million small and mid-cap organizations (SMEs) and 15–17 million smaller SMEs.
CRED’s products, after release, will compete with those in the same market segment, including those provided by point-of-sale (PoS) companies like Pine Labs and Mswipe. In the same way, the two other financing businesses, BharatPe and Paytm, had just announced the launch of new soundboxes a few days ago.
