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August 28, 2024
Mumbai, August 28, 2024 – Leading fintech Pine Labs and Visa, the global leader in global payments have come together to scale digital payments acceptance and further India’s vision of a digital economy by unveiling Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments.
The partnership aims to significantly upgrade the in-store payment experience of millions of merchants across the country who currently rely on only printed QR codes or low-tech solutions. This development will also provide a valuable choice to the millions of consumers who want to pay digitally at the time of checkout.
Announced on the sidelines of the Global Fintech Fest (GFF) in Mumbai by Pine Labs’ Chief Business Officer Kush Mehra and Visa India and South Asia’s Head of Merchant Sales & Acquiring (MS&A) Rishi Chhabra, Pine Labs Mini is a payment acceptance device built for the masses. This eco-friendly and economical digital payment device – equipped with QR, card, and NFC capabilities – is specifically designed for small and medium-sized merchants. It will enable them to capitalise on the growing consumer adoption of tap-to-pay card (and smartphone) payments and UPI in India.
“Pine Labs Mini unveiled in partnership with Visa today caters to the needs of India’s micropreneurs and small-scale businesses who have so far stayed away from digital payments adoption due to the perceived cost barriers. We believe Mini’s launch will pave the way for others to start building for mass-use, digital-first payment products,” said B Amrish Rau, CEO of Pine Labs.
Commenting on the partnership Rishi Chhabra, Vice President, Head of Merchant Sales & Acquiring (MS&A) Visa India and South Asia, said, "Visa is delighted to partner with Pine Labs to accelerate digitization among merchants with the launch of the new Pine Labs Mini. We believe this will transform the way small businesses accept transactions, especially contactless payments through cards and smartphones. We continue strengthening our commitment to delivering inclusive, economically viable solutions for merchants of all sizes to accept digital payments in India.”
Earlier this month, Pine Labs subsidiary Setu had announced the launch of UPISetu, a platform for businesses and developers to make the most of the advances happening in the UPI space.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Pine Labs is a leading merchant commerce omnichannel platform operating across India, Middle East, and Southeast Asia. Pine Labs' tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. Our Issuing business is powered by Qwikcilver - Qwikcilver offers a cutting-edge, full-stack, end-to-end technology service solution in the Pre-paid Transaction Management, Gift Cards, and Sales/ Distribution Space, with a strong presence in multiple countries and live service engagements with leading brands and major customers from the Retail, Hospitality and Airline Industries, across the following geographical regions; South Asia - India, South East Asia and the Far East - Singapore, Malaysia, Indonesia, Philippines, Middle East and Africa - Dubai, Abu Dhabi, South Africa, Europe - Luxembourg and Czech Republic, Australia, New Zealand and Hawaii in the United States of America, at the present moment. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.