Global fintech platform Pine Labs has announced that it has won multiple landmark contracts from three of the leading oil and marketing companies (OMCs) in India, namely Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd(HPCL), and Indian Oil Corporation Ltd (IOCL). Under the contracts executed with respective OMCs, Pine Labs will be entrusted with deploying, managing, and maintaining the digital payments infrastructure at petrol pumps and merchant outlets across India.
These are multi-year contracts aimed at leveraging the expertise of Pine Labs in managing the payment rails for swifter, secure, seamless money movements at the point of sale. These will collectively cumulate to nearly 130,000 digital payments acceptance devices to be instantly deployed and maintained pan India.
For IOCL specifically, Pine Labs will also be managing their loyalty rewards platform called XTRAPOWER, in popular use by lakhs of fleet operators in India. The program built on robust API integrations caters to fuel management, fleet analytics, trip management, secure chip and PIN digital payment transactions including card, mobile, and RFID payments.
Pine Labs CEO B Amrish Rau said, “By combining our tech prowess with the massive retail footprints of top OMCs in India, we are enabling a tech-first and robust payments infra and a world-class prepaid loyalty rewards ecosystem. Software-first approach of Pine Labs will ensure faster product feature rollouts, minimal on-site intervention, and a unified payments and rewards/loyalty platform for accelerated digitisation of fuel retail commerce in India.”
This fintech partnership with public sector behemoths, reinforces the commitment of leading Indian OMCs and Pine Labs towards customer-centricity via seamless, secure and frictionless digital payments and loyalty rewards experiences.
The company’s digital payments business represents a one-stop software solution across channels, including online payments designed to deliver secure and smooth online payment experiences to the end user, powered by a tech stack. It also provides integrated affordability solutions for merchants and consumer brands and enterprises, and Fintech infrastructure solutions for financial institutions. The company operates in India and a growing number of international markets including Malaysia, UAE, Singapore, Australia, USA, and Africa.