Current Affairs - Business - Discussion

Payments platform PhonePe has entered into a partnership with Indian Oil Corporation Limited (IOCL) to deploy its Point of Sale (POS) device at IOCL retail outlets. Under this partnership, Phone Pe has installed POS devices at 30 IOCL outlets in Bengaluru on pilot basis. It will be rolled out across India in a phased manner during 2018. Phone Pe had launched its Point of Sale (POS) device in October 2017. Since then, over 10000 POS units have been installed in Bengaluru. It is following a twin strategy of deploying its own point-of-sales (PoS) payment terminals at small merchant locations as well as partnering with major merchant chains at the national level.