NYSE-listed Mastercard, a technology company in the global payments industry, has made an investment in Pine Labs, a leading merchant commerce platform.

While the terms of the deal were not disclosed, the investment is part of a partnership to continue the rapid growth of convenient electronic payment options for consumers across the region.

The collaboration is expected to deliver an extensive range of card and real-time payments-based instalment financing at checkout — in-store and online.

Together, the companies will offer a suite of value-added services, including Pine Labs’ end-to-end stored-value solutions which will replace the paper ones now widely used by companies, retailers and people in South Asia and many other markets.

“This relationship is a great validation of the top-quality products that Pine Labs delivers to merchants,” said Lokvir Kapoor, Founder and Chairman of Pine Labs. “Together, we have a unique opportunity to use Mastercard’s global presence and technology infrastructure to enhance our growth and to enable us to meet the growing needs of customers in India and beyond.”

A study published in May 2019 by PwC and industry body Assocham showed that the market opportunity in India for instalment-based payments on consumer goods will hit $16.91 billion in 2021 and is expected to jump to $52.5 billion in 2025.

“Smart devices are transforming the way 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.”

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