SBI Payments and Pine Labs announced an expanded strategic alliance, building on their long-standing 12-year partnership.
SBI Payments is a JV formed between India’s commercial bank, State Bank of India, and Hitachi Payment Services Pvt. Ltd.
As covered, Pine Labs is a merchant commerce platform.
Together, SBI Payments and Pine Labs, reportedly 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 payment acceptance ecosystem of SBI Payments, combined with Pine Labs’ tailored solutions and comprehensive “offerings for the merchants, is expected to collectively enhance merchant capabilities and drive sales growth.”
Lastly, a comprehensive merchant digitisation suite is planned to be “made available, empowering merchants to digitise and streamline their workflows.”
Shri. Sujay Kumar Yadav, Managing Director & CEO of SBI Payments, said the alliance between the two firms will extend their reach, ensuring merchants have access to advanced payments solutions.
For merchants, their offerings empower them with an all-in-one solution that streamlines operations, “provides multiple payment acceptance options, and offers value-added services tailored to their growth needs.”
From the consumer’s perspective, their solutions ensure convenience, a variety of payment methods, and “secure transactions that elevate their overall experience.”
Sumit Chopra, COO – Pine Labs, Digital Payments said the partnership with SBI Payments “augurs well for the ecosystem and acceleration of digital payments in India.”
With digital payments and commerce growing in India, this strengthened alliance expects to “bring the best of SBI Payments’ reach and Pine Labs’s technological expertise to deliver a world-class experience for merchants and consumers.”
