Mumbai, January 24, 2025 : Today, SBI Payments and Pine Labs
announced an expanded 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 Pvt. Ltd. Pine Labs is a merchant commerce platform. Together, SBI
Payments and Pine Labs, today power over 200k digital checkout points across India.
With this latest
expansion, SBI Payments and Pine Labs will 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, Shri. 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 Shri. 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.
“Today, we are thrilled to expand our
partnership with SBI Payments as they herald 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,” said Sumit Chopra, COO - Pine Labs, Digital Payments.
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.