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January 24, 2025
Seated from left to right: Swapan Kumar Ghosh, EVP-Sales, Pine Labs; Sumit Chopra, COO – Pine Labs, Digital Payments; Sujay Kumar Yadav, MD & CEO, SBI Payments; Tarun Singh – COO, SBI Payments
Mumbai, January 24, 2025 – Today, SBI Payments and Pine Labs announced an expanded strategic alliance, building on their long-standing 12-year partnership. SBI Payments is a Joint Venture formed between India’s largest commercial bank, State Bank of India, and Hitachi Payment Services Pvt. Ltd. Pine Labs is a merchant commerce platform. Together, SBI Payments and Pine Labs, today power over 200k digital checkout points across India.
With this latest expansion, SBI Payments and Pine Labs will focus on accelerating the adoption of digital payments and digital commerce solutions. The partnership will focus on ensuring a seamless checkout experience across multiple payment methods. The extensive distribution network and advanced payment acceptance ecosystem of SBI Payments, combined with Pine Labs' tailored solutions and comprehensive offerings for the merchants, is expected to collectively enhance merchant capabilities and drive sales growth. Lastly, a comprehensive merchant digitisation suite is planned to be made available, empowering merchants to digitise and streamline their workflows.
Commenting on the partnership, Shri. Sujay Kumar Yadav, Managing Director & CEO, SBI Payments, said,
“The expanded alliance between SBI Payments and Pine Labs reflects our shared commitment to driving financial inclusion and empowering merchants digitally across the nation. This collaboration is a step toward extending our reach and ensuring that merchants, regardless of geography, benefit from advanced payment solutions.”
“By blending SBI Payments' core strengths with Pine Labs' cutting-edge technology, we are poised to deliver holistic offerings that prioritize business enhancement through seamless, secure, and innovative payment experiences. Our integrated, one-stop payment solutions not only enhance merchant productivity by driving business but also ensure unmatched convenience and satisfaction for the customers, elevated through our value-added services,” said Shri. Tarun Singh, Chief Operating Officer, SBI Payments.
For merchants, our holistic offerings empower them with an all-in-one solution that streamlines operations, provides multiple payment acceptance options, and offers value-added services tailored to their growth needs. From the consumer's perspective, our solutions ensure unmatched convenience, a variety of payment methods, and secure transactions that elevate their overall experience.
“Today, we are thrilled to expand our partnership with SBI Payments as they herald a new era of tech-first point-of-sale solutions for India’s merchants and large retailers. We believe that this banking-fintech partnership augurs well for the ecosystem and acceleration of digital payments in India,” said Sumit Chopra, COO - Pine Labs, Digital Payments.
With digital payments and commerce growing in India, this strengthened alliance expects to bring the best of SBI Payments’ reach and Pine Labs’s technological expertise to deliver a world-class experience for merchants and consumers.
About SBI Payments
State Bank of India, the largest commercial bank in India by assets, deposits, branches, customers, and employees, as well as the nation's leading mortgage lender, became the first public sector bank to establish an exclusive joint venture (JV), SBI Payments, focused on the merchant acquiring business. This strategic initiative marked the beginning of a journey to build a cutting-edge payment acceptance ecosystem across all regions of the country, enabling merchants to accept digital payments through a wide range of form factors. The JV plays a crucial role in advancing the Bank's vision of digital transformation by driving innovation in products, processes, and platforms. Today, SBI Payments stands as one of the top acquirers in the country, with more than 35 lakhs Merchant Payment Acceptance Touch Points deployed, providing merchants with comprehensive payment solutions that facilitate transactions through various form factors, including cards, QR codes, app-based solutions (such as UPI P2M, YONO Sale & Cash), and Aadhar-based options (like BHIM-Aadhar-SBI).
To know more about SBI Payments, kindly visit the company’s website at https://www.sbipayments.com.
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