PayPal and Temasek Holdings have acquired minority stakes in point of sales (PoS) deploying company Pine Labs for $125 million. Both investors will pick up secondary shares from Sequoia Capital and other existing promoters. Temasek Holdings is a global investment firm headquartered in Singapore and PayPal is one of the largest digital payments platforms in the world. Pine Labs offers PoS payments solutions for credit or debit card, digital wallets, EMI, Gift/Meal Cards as well as latest methods including digital wallets, QR code payment solutions and unified payments interface (UPI)-based solutions. With 10% share in PoS market in India, it claims to power digital payment modes for over 75,000 Retailers including Marks and Spencer, Pantaloons and Shoppers Stop amongst several others on a daily basis. Pine Labs says it plans to use the deep network of Temasek in multiple Asian geographies to help Pine Labs scale up operations in the south-east Asian region and aims to use the technological capabilities of PayPal to strengthen its tech play as well. PoS devices in India The number of point of sale (POS) machines increased to 3.14 million in March 2018, up 24% from 2.53 million in March last year, according to data published by RBI. Note that the RBI data only shows machine statistics from banks and does not include the number of devices from third-party players like MSwipe, Ezetap, ItzCash and Oxigen. One of Pine Labs' primary competitors, MSwipe raised $41 million in 2017 – $10 million from venture capital firm…
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