November 29, 2016

Mastercard, Pine Labs to add 26,000 Contactless Point of Sales in A Year

NDTV, The Hindu Business Line

Leading global payments company Mastercard today said it along with Pine Labs plans to roll out more than 26,000 contactless terminals across key merchant stores in the country over the next 12 months.

Pine Labs, payment facilitator for electronic Point of Sale (PoS), would be using Mastercard contactless technology. The merchants across Quick Service Restaurants (QSR), retail stores, cinemas and super markets will now be able to offer contactless terminals as an alternative method of payment to customers, allowing them greater ease and convenience of payments, said Murali Nair, Senior Vice President, Market Development, South Asia, Mastercard.

The contactless payments solution will also help merchants build greater efficiency in managing their costs and time by way of reducing check-out time at the counters and costs related to handling of cash.

Cashless transactions are on the rise, driven by increasing availability of contactless cards and introduction of new forms of payment technology in the country. More than 60,000 retailers across India depend on Pine Labs to securely and reliably manage their Payment Acceptance.