Leading fintech Pine Labs and Visa 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 digitisation 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.