Pine Labs introduces Mini

With this new launch, Pine Labs is introducing a QR-first and card-tap contactless payments device tailored for small and medium-sized enterprises. This product is intended to further expand digital payments adoption in India. Moreover, it is expected to be available at about one-third of the cost of a regular point-of-sale terminal. Pine Labs Mini will serve as a solution for small merchants as most POS devices in India are tailored for debit or credit card customers.

According to the press release, Pine Labs states that from the merchant side, fast checkout experience and elimination of the cost barrier in point-of-sale digitisation is an important requirement. Therefore, the company seeks to address these needs, by launching an effective POS solution.

Pine Labs is a platform operating across India and Southeast Asia. The company’s tech-first approach to digital payments and focus on simplification at the front end aims to help various businesses embrace fintech products at scale.

In digital payments, its online payments cloud-based software, Plural, represents a one-stop payment destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by a tech stack that can augment an existing online business or build an all-new ecommerce payment setup.

In consumer app, its fintech platform, Fave, is aimed at the next generation of consumers, providing payments and savings solutions, while aiming to empower merchants with a loyalty solution to grow and engage with their customers in a new manner.

In May 2023, Pine Labs partnered with ICICI Bank to accept digital Rupee payments at its POS terminals. The partnership between the two entities would facilitate digital Rupee payments across several retail outlets in Mumbai and Bengaluru through a QR system built within Pine Labs’ smart Android POS terminals. As per the press release, ICICI Bank emphasised its potential to improve the operational efficiency of merchants with the integration of Pine Labs POS terminals.

In December 2022, Singapore-based payments platform 2C2P joined forces with Pine Labs aiming to increase Buy Now, Pay Later acceptance in six Asian markets. Cardholders in Singapore, Malaysia, Hong Kong, Indonesia, Philippines, and Thailand will be able to make instalment payments at checkout up to their pre-approved credit limit with no interest charge. This partnership was intended to increase consumer confidence in the region and empower retail merchants to sell more and more often. Since its launch in Singapore, Pine Labs Pay Later has emerged as a flexible payment option for merchants across a variety of verticals, including retail and tech as its clients.

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