Fintech Pine Labs and Visa (NYSE: V), the enabler of global payments have come together to scale digital payments acceptance and further India’s vision of a digital economy by unveiling Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments.
The partnership aims to significantly “upgrade the in-store payment experience of millions of merchants across the country who currently rely on only printed QR codes or low-tech solutions.”
This development will also “provide a valuable choice to the millions of consumers who want to pay digitally at the time of checkout.”
Announced on the sidelines of the Global Fintech Fest (GFF) in Mumbai by Pine Labs’ Chief Business Officer Kush Mehra and Visa India and South Asia’s Head of Merchant Sales & Acquiring (MS&A) Rishi Chhabra, Pine Labs Mini is “a payment acceptance device built for the masses.”
This eco-friendly and economical digital payment device – “equipped with QR, card, and NFC capabilities – is specifically designed for small and medium-sized merchants.”
It will enable them to capitalize “on the growing consumer adoption of tap-to-pay card (and smartphone) payments and UPI in India.”
B Amrish Rau, CEO of Pine Labs said:
“Pine Labs Mini unveiled in partnership with Visa today caters to the needs of India’s micropreneurs and small-scale businesses who have so far stayed away from digital payments adoption due to the perceived cost barriers. We believe Mini’s launch will pave the way for others to start building for mass-use, digital-first payment products.”
Rishi Chhabra, Vice President, Head of Merchant Sales & Acquiring (MS&A) Visa India and South Asia, said:
“Visa is delighted to partner with Pine Labs to accelerate digitization among merchants with the launch of the new Pine Labs Mini. We believe this will transform the way small businesses accept transactions, especially contactless payments through cards and smartphones. We continue strengthening our commitment to delivering inclusive, economically viable solutions for merchants of all sizes to accept digital payments in India.”
Earlier this month, Pine Labs subsidiary Setu “had announced the launch of UPISetu, a platform for businesses and developers to make the most of the advances happening in the UPI space.”
Visa is focused on enhancing digital payments, “facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories.”
Their mission is to connect “the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive.”
They believe that economies that “include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.”
