Kotak partners with Pine Labs to expand its merchant acquiring business

Kotak partners with Pine Labs to expand its merchant acquiring business

By Leandra Monteiro

Kotak Mahindra Bank Limited (KMBL) announced that it is partnering with. has been received Pine laboratories, a merchant commerce platform that specializes in merchant acquisition through innovative payment products, pay later offers, loyalty programs, stored value solutions and other value-added services. This connection will allow KMBL to expand its merchant acquiring and point of sale (PoS) services to more merchants, especially retailers.

Pine Labs has a network of over 245,000 dealers across Asia and the Middle East. With this connection, merchants in India can now take advantage of KMBL’s PoS payment solutions combined with Pine Labs’ technology stack to grow their business.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Retailers and large merchants are accelerating the move to digital payments, with consumers using a wide range of payment options, transforming the merchant payments space. Merchants are looking for a unified platform that simplifies payments with omni-channel coverage, bundled with value-added services. Pine Labs is a leading player in tailor-made solutions for retailers and B2C service providers, and this collaboration with them opens up a significant market opportunity for Kotak to bring new dealers on board and offer them an integrated PoS-Plus package of digital payment and banking products. “

Nitish Asthana, President & COO of Pine Labs, said, “We are excited to partner with a leading private bank such as Kotak Mahindra Bank to offer an integrated PoS product that will help the bank attract new merchants. Our relationship with the bank has evolved over the years. In 2019, we enabled Pay Later EMIs for the bank’s 10 million debit card customers for all of our payment, trading and financial services on smart devices. This partnership grows from strength to strength and now more retailers will benefit from our integrated offering. “

Point-of-sale terminals have been growing rapidly in India since demonetization. The number of PoS terminals in the country before demonetization was ~ 1.3 million, in August 2021 there are ~ 4.7 million terminals. The increasing demand for cashless payment methods will continue to drive the growth of PoS terminals in India.