SBI Payments and Pine Labs have announced an expanded strategic partnership, strengthening their 12-year-long alliance to accelerate digital payments adoption and commerce solutions across India. SBI Payments, a joint venture between the State Bank of India (SBI) and Hitachi Payment Services Pvt. Ltd., and Pine Labs, a leading merchant commerce platform, currently power over 200,000 digital checkout points across the country. This partnership aims to further enhance the digital payment ecosystem by improving merchant capabilities and streamlining transactions for consumers.
Enhancing merchant digitalization and seamless payment solutions
The expansion of this partnership will focus on ensuring a seamless checkout experience across multiple payment methods. SBI Payments’ extensive distribution network and advanced payment acceptance ecosystem, combined with Pine Labs’ tailored digital solutions, will empower merchants with new tools to boost their sales and digitize workflows. The initiative includes a comprehensive merchant digitalization suite designed to streamline operations, integrate multiple payment options, and provide value-added services to drive business growth.
Shri Sujay Kumar Yadav, Managing Director & CEO, SBI Payments, emphasized the impact of this collaboration, stating:
“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.”
Shri Tarun Singh, Chief Operating Officer, SBI Payments, highlighted the partnership’s value for businesses:
“By blending SBI Payments’ core strengths with Pine Labs’ cutting-edge technology, we are poised to deliver holistic offerings that prioritize 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.”
Bringing a tech-first approach to payments
With India’s digital payments sector rapidly evolving, this strengthened alliance between SBI Payments and Pine Labs will introduce next-generation tech-driven point-of-sale (POS) solutions for merchants and large retailers. The partnership will facilitate businesses in adopting digital commerce by offering hassle-free integration of payment methods, including QR codes, UPI-based transactions, app-based payments and Aadhaar-enabled transactions.
Sumit Chopra, COO – Pine Labs, Digital Payments, expressed excitement about the partnership:
“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,”
A vision for the future of digital payments
India is witnessing exponential growth in digital payments, with more businesses and consumers adopting cashless transactions. By combining SBI Payments’ vast reach and Pine Labs’ technological expertise, the partnership aims to deliver an enhanced payment experience for merchants and customers alike.
For merchants, the collaboration will provide an all-in-one solution to simplify operations, offer multiple payment acceptance options, and integrate value-added services to support business expansion. Consumers, on the other hand, will benefit from a variety of seamless and secure payment options, ensuring greater convenience in their transactions.
About SBI payments
SBI Payments, a joint venture of State Bank of India and Hitachi Payment Services, is one of India’s leading payment acceptance solution providers. With over 3.5 million Merchant Payment Acceptance Touch Points across India, SBI Payments offers a comprehensive suite of digital payment solutions, including card payments, QR-based transactions, app-based payments (such as UPI P2M and YONO Sale & Cash), and Aadhaar-enabled solutions. The company plays a crucial role in advancing financial inclusion by enabling merchants in urban and rural areas to accept digital payments.
For more information, visit www.sbipayments.com.
About Pine Labs
Pine Labs is a leading merchant commerce platform operating in India, the Middle East, and Southeast Asia. With a tech-first approach, Pine Labs simplifies digital payments through its online payments cloud-based software, Plural, which provides secure and frictionless payment solutions for businesses.
Additionally, its prepaid transaction management business, Qwikcilver, offers cutting-edge solutions for gift cards and loyalty programs across multiple industries and regions. Pine Labs’ consumer fintech app, Fave, enables next-generation digital payments and rewards programs for both merchants and customers.
By leveraging its global expertise and innovative solutions, Pine Labs is committed to driving the future of digital commerce and financial inclusion.
