Pine labs is likely to expand in South East Asia

Pine labs is likely to expand in South East Asia

The backend software and solutions which runs by Pine Labs for Point of Sale terminals (Pos) across the country now it’s planning to extend internationally and start operation in Malaysia by November in this year. It has 70,000 merchants and 2,50,000 Pos machines in India. The company is emulating its India Strategy in the South East Asian Market.

The President Asia Pacific Payments business of Pine Labs Kush Mehra said that the company is planning to start operations in Malaysia where it is typing up with one of the largest banks with several thousand merchants to start off. Pine currently handles 8,000 crores of volume with 40 million transactions a month. He said there is the great opportunity in SouthEast Asia since Pos terminals in most of the major markets continue to run manually. Kush did not announce the bank name yet. The bank with which Pine is in discussion with has operations also in Indonesia, Singapore, and Thailand, and soon in Vietnam

Importance facts of Pine labs:

  • Accept all Payments Modes
  • Merchant Transaction Dashboard
  • Reliability & Security
  • Analytics to know your customers

Later, he also added with details, “ Currently 24% of the personal consumption spend in Malaysia is through digital and that figure is expected to go up to 35% in the next couple of years which makes it a high potential market”. When it will launch the company will be able to offer not just automated billing and account handling solutions, but also options such as buying with the credit card on EMI, cash-backs, etc.“With per capita income of $10,000, we believe that such an option will be great pull there.”

Mehra also said despite being more digitally advanced as compared to India, terminals in Malaysia continue to run manually where any software update or any new offering has to be manually updated much like the way things were in India a couple of years ago. He added “ We have put everything on the cloud, where the latest cashback offers, or EMI options or accounts and billing are updated in real time without any manual intervention”  

by Priti on August 2, 2018

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