Friday, March 29, 2024
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Empowering India – Empowering MSME, PINE INDIA LAUNCHES All Tap App for contactless payments

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Pine India successfully launched their dream project AllTap App’ solution for micro merchants which will help them to swipe them to accept payments made through debit and credit cards without having to use swipe machines.
Technology today is evolving at such a rapid pace, enabling faster change and progress, causing an acceleration of the rate of change, until eventually, it will become exponential. All Tap App will allow micro-merchants and street vendors to accept card-based digital payments.

The app has developed a new strategy which is different from its existing lines of business where Pine Pine Labs assists in deploying QR-codes as well as point-of-sale (POS) machines offline at physical merchant outlets. The payment solution company plans to onboard close to 1 million merchants on to the app over the next one year.

Commenting on the launch, B. Amrish Rau, CEO, Pine Labs said, “We heard from small merchants, taxi drivers, self-employed individuals, tuition-givers, and several other solopreneurs, who wanted a simple digital payments acceptance solution. Their NFC-enabled smartphone is now a payments acceptance device. Pine Labs AllTap has tremendous potential to bridge the digital divide not only in India but also in other markets. We are excited to introduce this pioneering app in the market today.

The ‘tap and pay’ feature within the app is secure and is certified by PCI Security Standards Council (PCI SSC), RuPay, Visa, Mastercard and Amex. Reserve Bank of India regulations permits a maximum transaction limit of Rs 5,000 on ‘tap-and-go’ based payments. Pine Labs AllTap is a revolutionary new app for small merchants to immediately start accepting digital payments on their NFC-enabled smartphone.

Probably in the coming 3 months, Pine Labs also plans to introduce invoice -discounting or revenue lending to these partners through its non-banking finance partners. There are many startups but Noida -based startup was remarkably reached a $1 billion in valuation in 2020, by entering to India’s unicorn club in January.

Merchants can also use Pine Labs Paper POS to accept payments across different kinds of UPI and Bharat QR payments, including those from Amazon Pay, Google Pay, PayZapp, PhonePe, YONO, among others.This investment round

Long term vision for the company as there will also be the dissemination of financial services, it will also look to issue credit cards to micro-merchants through its banking and credit partners. Last year in December Pine Labs proudly announced  $100 million from Lone Pine Capital as part of the secondary and primary share sale. The valuation was turned from $1.6 billion to $ 2 billion within a year.

Sanjeev Kumar, CTO, Pine Labs said, “With AllTap, we are offering merchants a robust PCI-compliant Contactless Payments on COTS (CPoC) solution. All tap and pay transactions are fully secure. Our PCI-CPoC listing underwent an extensive audit and certification from PCI SSC and leading networks Visa, RuPay, Mastercard, and Amex.”

Remarkable presence in Asia and the Middle East, Pine Labs serves large, mid-sized and small merchants. With huge incorporation in Singapore, Pine Labs’ key investors include Actis Capital, Mastercard, PayPal, Sequoia India, and Temasek.

Pine Labs also plans to introduce prepaid vouchers and gift cards through its subsidiary Qwikcilver at Mid 2021,  it had a good  grasp last year, to extend its footprint further in these new South Asian markets.

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