Kotak Mahindra Bank Partners with Pine Labs to Expand Point-of-Sale Services
Kotak Mahindra Bank has partnered with Pine Labs to expand their Point of Sale (PoS) services to more merchants, especially retailers.
“With this merger, merchants in India will now be able to benefit from Kotak Mahindra Bank’s PoS payment solutions combined with Pine Labs’ technology stack to help them grow their business,” he said in a statement Thursday.
Pine Labs has a network of over 2,45,000 merchants across Asia.
Strong growth in digital payments indicates lasting change in consumer payment behavior
Noting that retailers and large merchants as well as customers are turning to digital payments, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Pine Labs is a leading player with personalized solutions for retailers and B2C service providers, and working with them opens up a significant market opportunity for Kotak to onboard new merchants and offer them an integrated PoS-plus suite of digital payments and banking product proposals.
PhonePe transactions increased 33.6% between July and September
Nitish Asthana, President and COO of Pine Labs, said, “We are delighted to partner with a leading private bank such as Kotak Mahindra Bank to offer an integrated PoS product that will help the bank acquire new tradespeople. “
The number of PoS terminals in the country before demonetization was around 13 lakh and it had grown to almost 47 lakh by August 2021.