June 13, 2019

Pine Labs set to launch new mobile-based POS product

Pine Labs, based out of Delhi-NCR, is, reportedly, planning to launch its new mobile centric PoS (point of sale) product for merchants, cited Inc42. The company has also planned to go public in the next two years.

The platform’s upcoming product will take place its traditional merchant PoS devices that will allow merchants to accept payments through various modes such as bank cards, QR codes, and digital wallets (Paytm, PhonePe, others).

“We really want to play on efficient technology and not create cheaper mPos (mobile point of sales) or products as they are part of the journey and not the destination,” Vicky Bindra, CEO at Pine Labs said.

This product could also be enabled from multiple mobile devices while allowing the manager to track all the transactions remotely. It is expected to launch in the next few months.

Pine Labs, Delhi-NCR based, was founded in 1998 by Vicky Bindra. The company started by engineering a solution for a large scale, card-based payment and loyalty program in the retail petroleum industry. As per merchants needs evolved, the platform pivoted its business model in a renewed journey since 2012.

At present, it is working with a maniacal focus on creating a product and services platform that widens access, accelerates commerce and automation for merchants in local markets.

With a presence across 3,700 cities and towns across India and Malaysia and other parts of Asia, the retail merchant giant is putting its knowledge and expertise in use for serving merchants, both large and small.

Further, the company also plans to offer merchant loans in partnerships with banks, NBFCs along with other financial services such as insurance, and supporting merchant in GST tax payments.