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Kotak Mahindra Bank has tied up with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers.
“Through this tie-up, merchants in India will now be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business,” it said in a statement on Thursday.
Pine Labs has a network of over 2,45,000 merchants across Asia.
Strong growth in digital payments indicates a lasting shift in consumer payment behaviour
Noting that retail and large merchants as well as customers are moving towards digital payments, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Pine Labs is a leading player with customised solutions for retailers and B2C service providers, and this collaboration 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 products proposition.”
PhonePe transactions grew 33.6% between July and September
Nitish Asthana, President and COO, Pine Labs, said, “We are delighted to partner a leading private sector bank like Kotak Mahindra Bank to offer an integrated PoS product that will help the bank acquire new merchants.”
The number of PoS terminals in the country before demonetisation was about 13 lakh and it had grown to nearly 47 lakh by August 2021.
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