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L-R: Swapan Kumar Ghosh, EVP-Sales, Pine Labs; Sumit Chopra, COO – Pine Labs, Digital Payments; Sujay Kumar Yadav, MD & CEO, SBI Payments; Tarun Singh – COO, SBI Payments.
Digital Payments have significantly increased in recent years because of coordinated efforts of the Government with all stakeholders. The total digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24 at CAGR of 44%, according to a datapoint from GoI’s Ministry of Financial Services.
Given the growth, players in the fray are upping the ante and boosting their digital ability to tap into the growing volume of users. In a recent development, SBI Payments and Pine Labs have announced that it has expanded its strategic alliance, building on their long-standing 12-year partnership. SBI Payments is a Joint Venture formed between India’s largest commercial bank, State Bank of India, and Hitachi Payment Services. Pine Labs is a merchant commerce platform. Together, SBI Payments and Pine Labs, power over 200k digital checkout points across India.
The company believes that with digital payments and commerce growing in India, this strengthened alliance will pivot SBI Payments’ reach leveraging on Pine Labs’s technological expertise to deliver a world-class experience for merchants and consumers.
Enhancing Customer Experience
This partnership will facilitate SBI Payments and Pine Labs to focus on accelerating the adoption of digital payments and digital commerce solutions. The partnership will focus on ensuring a seamless checkout experience across multiple payment methods. The extensive distribution network and advanced payment acceptance ecosystem of SBI Payments, combined with Pine Labs' tailored solutions and comprehensive offerings for the merchants, is expected to collectively enhance merchant capabilities and drive sales growth. Lastly, a comprehensive merchant digitisation suite is planned to be made available, empowering merchants to digitise and streamline their workflows.
Commenting on the partnership, Sujay Kumar Yadav, Managing Director & CEO, SBI Payments, said, “The expanded alliance between SBI Payments and Pine Labs reflects our shared commitment to driving financial inclusion and empowering merchants digitally across the nation. This collaboration is a step toward extending our reach and ensuring that merchants, regardless of geography, benefit from advanced payment solutions.”
“By blending SBI Payments' core strengths with Pine Labs' cutting-edge technology, we are poised to deliver holistic offerings that prioritize business enhancement through seamless, secure, and innovative payment experiences. Our integrated, one-stop payment solutions not only enhance merchant productivity by driving business but also ensure unmatched convenience and satisfaction for the customers, elevated through our value-added services,” said Tarun Singh, Chief Operating Officer, SBI Payments.
For merchants, our holistic offerings empower them with an all-in-one solution that streamlines operations, provides multiple payment acceptance options, and offers value-added services tailored to their growth needs. From the consumer's perspective, our solutions ensure unmatched convenience, a variety of payment methods, and secure transactions that elevate their overall experience.
Sumit Chopra, COO - Pine Labs, Digital Payments reflecting on this development said, “We are thrilled to expand our partnership with SBI Payments as they usher in a new era of tech-first point-of-sale solutions for India’s merchants and large retailers. We believe that this banking-fintech partnership augurs well for the ecosystem and acceleration of digital payments in India.”
The company believes that with digital payments and commerce growing in India, this strengthened alliance expects to bring the best of SBI Payments’ reach and Pine Labs’s technological expertise to deliver a world-class experience for merchants and consumers.