SBI Payments & Pine Labs deepen partnership to fuel digital payments
By Gloria Mathias
SBI Payments and Pine Labs have announced an expanded strategic alliance, building on their long-standing 12-year partnership.
SBI Payments is a joint venture formed between the State Bank of India and Hitachi Payment Services. Pine Labs is a merchant commerce platform. Together, SBI Payments and Pine Labs power over 200k digital checkout points across India.
With this latest expansion, SBI Payments and Pine Labs will focus on accelerating the adoption of digital payments and digital commerce solutions. The partnership will focus on ensuring a seamless checkout experience across multiple payment methods. The extensive distribution network and advanced payment acceptance ecosystem of SBI Payments, combined with Pine Labs’ tailored solutions and comprehensive offerings for the merchants, are expected to enhance merchant capabilities and drive sales growth collectively.
Sujay Kumar Yadav, Managing Director & CEO of SBI Payments, said, “The expanded alliance between SBI Payments and Pine Labs reflects our shared commitment to driving financial inclusion and empowering merchants digitally across the nation. This collaboration is a step toward extending our reach and ensuring that merchants, regardless of geography, benefit from advanced payment solutions.”
“By blending SBI Payments’ core strengths with Pine Labs’ cutting-edge technology, we are poised to deliver holistic offerings that prioritise business enhancement through seamless, secure, and innovative payment experiences. Our integrated, one-stop payment solutions not only enhance merchant productivity by driving business but also ensure unmatched convenience and satisfaction for the customers, elevated through our value-added services,” said Tarun Singh, Chief Operating Officer, SBI Payments.
“Today, we are thrilled to expand our partnership with SBI Payments as they herald a new era of tech-first point-of-sale solutions for India’s merchants and large retailers. We believe that this banking-fintech partnership augurs well for the ecosystem and acceleration of digital payments in India,” said Sumit Chopra, COO, Pine Labs, Digital Payments.
With digital payments and commerce growing in India, this alliance expects to combine SBI Payments’ reach with Pine Labs’ technological expertise to deliver a world-class experience for merchants and consumers.
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