January 27, 2021

Pine Labs enters neo-banking turf for micro-merchants with app-strategy

Home grown payments solution unicorn Pine Labs on Wednesday launched its ‘AllTap App’ solution, which will allow micro merchants, home entrepreneurs, street vendors and cab drivers to accept card-based digital payments through their NFC-enabled smartphones.
The payments solution company has partnered with card networks including RuPay, Visa, Mastercard and Amex to accept payments and plans to onboard close to 1 million merchants on to the app over the next one year.
The app-strategy is a differentiator from its existing lines of business where Pine Labs assists in deploying QR-codes as well as point-of-sale (POS) machines offline at physical merchant outlets.
The AllTap app will also allow merchants to accept payments through static or dynamic quick-response (QR) codes, and will enable its credit ‘Buy Now Pay Later’ product for customers during the payment process.
Pine Labs plans to add other features including loyalty offerings, financial services including insurance, as well as credit for these merchants on the app, over the next 90 days, as it plans to tap 100,000 merchants this quarter.
Along with the dissemination of financial services, it will also look to issue credit cards to micro-merchants through its banking and credit partners, the company said.
“At Pine Labs we have built a great terminal, however merchants build strong relationships with their servicing apps or banking partners. Hence with the launch of ‘AllTap App’, we are moving in the direction of building direct merchant relationships where the app will act as a merchant home helping them avail services like loyalty, credit and other financial service products," said Amrish Rau, chief executive of Pine Labs in an interaction with Mint.