SBI Payments is a joint venture between the State Bank of India and Hitachi Payment Services, while Pine Bank is a merchant commerce platform. Together, the two companies offer over 200.000 digital checkout points across India.
With digital payments and ecommerce growing in the region, the companies aim to offer a tech-first point-of-sale solution for India’s merchants and large retailers to accelerate the digital payments market in India.
The distribution network and payment acceptance ecosystem of SBI Payments, combined with Pine Labs' offerings for merchants, is expected to collectively improve merchant capabilities and drive sales growth. A comprehensive merchant digitisation suite will be available, enabling merchants to improve their workflows.
This collaboration reflects the companies’ shared vision of driving financial inclusion and helping merchants digitally across the nation, ensuring that they benefit from improved productivity and optimised and secure payment solutions regardless of geography.
For merchants, the offer provides them with a solution that improves operations and delivers multiple payment acceptance options, and services tailored to their growth needs. For consumers, it ensures convenience, a variety of payment methods, and secure transactions that improve their overall experience.
The 1H 2024 India Digital Payments Report notes growth in India’s digital payment ecosystem, highlighting the nation's ongoing digital transformation. UPI continues to dominate, with over 78 billion transactions in the first half of 2024, marking a 52% increase from the previous year. This surge, especially in person-to-merchant (P2M) transactions, underscores UPI's status as the preferred option for micro-transactions and suggests the potential for larger transactions in the future.
Credit card usage has risen, particularly for high-value transactions, whereas debit card volumes have declined. The payment infrastructure is also expanding, with over 8.96 million POS terminals deployed, alongside a growing number of UPI QR codes.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now