Leading merchant commerce platform Pine Labs on Monday launched Mini, a new QR and card acceptance device, which is expected at nearly one-third of the cost of a regular point of sale (PoS) terminal.

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The QR-first and card tap contactless payments device is targeted at small and medium enterprises (SMEs) and further boost digital payments adoption in the country.

“QR-based and card tap payments are a perfect solve for Indian consumers on the go. On the merchant-side, an absolute must is a fast checkout experience and elimination of the cost barrier in point-of-sale digitisation,” said Navnit Nakra, chief revenue officer, Pine Labs.

Nakra joined Pine Labs from global smartphone brand OnePlus last month.

He is responsible for developing and executing growth strategies, new business generation, streamlining processes to attain efficiencies and maximising revenue streams for the payments business in the country.

Pine Labs has been at the forefront of the ongoing digital payments revolution in India offering merchants innovative payment solutions for their omnichannel needs.

In May this year, Pine Labs announced the acceptance of digital rupee on its point of sale (PoS) terminals in partnership with ICICI Bank.

Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.