Following this announcement, Pine Labs and Visa are expected to scale digital payments acceptance and further accelerate India’s strategy of an optimised digital economy. This process will take place by unveiling Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC), and card payments.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
According to the official press release, the collaboration is expected to significantly upgrade the in-store payment experience of multiple merchants and traders across the country, which are currently relying on only printed QR codes or low-tech solutions to run their businesses. The development is set to also provide a secure and valuable choice to customers who want to pay digitally at the time of checkout.
The Pine Labs Mini represents a payment acceptance device that was developed for `the masses`. The eco-friendly and economical digital payment device was equipped with QR, card, and NFC capabilities and it is expected to meet the needs of small to medium-sized enterprises (SMEs). It will also give them the possibility to capitalise on the growing client adoption of Tap-to-Pay card and smartphone transactions, as well as UPI in the region of India. The product will also help SMBs and small-scale enterprises to cross the barriers and difficulties that are related to digital payment adoption.
Visa and Pine Labs will also focus on accelerating digitalisation among merchants across India, with the aim of transforming the way small businesses accept transactions and further developing the overall local financial landscape.
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