From its beginnings as an offline retail payment provider a decade ago, Pine Labs has evolved into offering payment acceptance technology, stored value products, in-store consumer credit and other merchant solutions in India, Southeast Asia and the Middle East. Today, it processes payments of $30 billion per year and serves some 140,000 merchants across about 450,000 network points.
“Smart devices are transforming how people shop. With this partnership, we’re continuing to build innovative solutions and provide people with new ways to pay right at their fingertips,” said Ari Sarker, co-president for Asia Pacific at Mastercard.
“By joining forces with Pine Labs, we are reinforcing our strategy to deliver choice to consumers and to be the partner of choice for our customers in South Asia and around the world.”
The market opportunity in India for installment-based payments on consumer goods will hit $16.9 billion in 2021 and is expected to jump to $52.5 billion in 2025, according to a study published in May 2019 by PwC and the Associated Chambers of Commerce of India.