Terms of their deal were not disclosed
Pine Labs announced an investment from Mastercard to underscore confidence in India’s growing economy.
The rapid growth of convenient e-payment options for consumers in the region is the main aim of the investment. Both companies will offer a range of value-added services, including Pine Labs’ end-to-end stored value solutions. They will replace the paper ones now widely used by companies, retailers, and people in South Asia and other markets.
Pine Labs started as an offline retail payment provider a decade ago. For now, it has evolved into offering payment acceptance technology in India, Southeast Asia, and the Middle East. Pine Labs processes payments of $30 billion annually and serves nearly 140,000 merchants across about 450,000 network points.
Furthermore, Indian company partners with a range of financial institutions that are responsible for the design and delivery of the installment financing service to merchants and consumers.