Pine Labs, a global fintech platform, has just secured major contracts with three top Oil and Marketing Companies (OMCs) in India: Bharat Petroleum, Hindustan Petroleum, and Indian Oil Corporation. This partnership aims to enhance digital payment systems at petrol stations and retail locations throughout the country.
Under these contracts, Pine Labs will set up and maintain a vast network of payment devices—around 130,000—making transactions faster and safer. For Indian Oil, they will also manage the XTRAPOWER loyalty rewards platform, which helps many fleet operators manage their fuel usage and other related services seamlessly. This collaboration highlights a shared commitment to providing customers with smooth and secure payment experiences.
B. Amrish Rau, CEO of Pine Labs, emphasized the importance of this partnership. He noted that combining Pine Labs’ technological expertise with the extensive reach of these OMCs will create a strong digital payment infrastructure and an advanced loyalty rewards system. This approach will speed up service and streamline the overall payment process in India’s fuel retail sector.
The rise of digital payments is geared by growing consumer demand. According to a recent report by Statista, digital payment transactions in India are expected to exceed 1.5 trillion by 2025. This jump underscores how essential it is for businesses to adapt and meet evolving customer needs.
Pine Labs, founded with a vision to digitize commerce, provides a range of payment solutions to merchants and brands globally, including in markets like the UAE, Singapore, and the USA. Their offerings not only facilitate transactions but also enhance customer loyalty through innovative programs.
As the digital economy continues to expand, companies like Pine Labs are crucial in shaping how consumers interact with services, making every transaction smoother and more rewarding.
For more insights on the digital payment landscape, check out Forbes to understand emerging trends and their implications for the future.
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