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Pine Labs rolls-out super app for merchant payments and financial services

Point-of-Sale (PoS) device manufacturer Pine Labs aims to acquire 1 million small merchants across the country over the next year through its new payments acceptance app called 'All Tap'. While Pine Labs' merchants have used the company's e-PoS or mobile-PoS app to accept digital payments on the Unified Payments Interface (UPI) and QR-code based payments, the new app will allow them to start accepting card payments. "We will be the first company where debit and credit card payments can be accepted through any NFC smartphone. Here any Android phone can be used to accept payments from any NFC card whether issued on Visa, Mastercard, RuPay or American Express, in addition to UPI and QR-based payments. Our aim to roll out this product to 1 million merchants in a year and 100,000 in the next month." — Amrish Rau, chief executive officer, Pine Labs. The new platform will let every Near-Field-Communication (NFC) enabled smartphone to become a card payment acceptance device mainly for contactless payments. Since the company is using a payment app journey to acquire new merchants, the cost of acquisition is considerably lower compared to physical PoS device deployment. The app will also include Pine Labs' Buy Now Pay Later or EMI offering, allowing merchants to scale their business through micro-credit options, the company said. "While it is easy to accept QR-based UPI payments through stickers, which has no cost, now merchants can accept NFC-based card payments at a very low cost," Rau said."This offering is a completely different…

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