Pine Labs Plans to Start Busi­ness in Malaysia

The Economic Times - - Companies: Pursuit Of Profit - Surabhi.Agar­wal@ times­group.com

New Delhi: Pine Labs, which runs the back­end soft­ware and so­lu­tions for point of sale ter­mi­nals (PoS) across the coun­try, is ex­pand­ing in­ter­na­tion­ally. The com­pany, which has over 70,000 mer­chants and 1,60,000 PoS ma­chines in In­dia, is em­u­lat­ing its In­dia strat­egy in the South East Asian mar­ket.

Kush Mehra, pres­i­dent — Asia Pa­cific, pay­ments busi­ness of Pine Labs, told ET that the com­pany is plan­ning to start op­er­a­tions in Malaysia by Novem­ber this year where it is ty­ing up with one of the largest banks with sev­eral thou­sand mer­chants to start off. Pine cur­rently han­dles 8,000 crore of vol­ume with 40 mil­lion trans­ac­tions a month.

“Cur­rently 24% of the per­sonal con­sump­tion spend in Malaysia is through dig­i­tal and that fig­ure is ex­pected to go up to 35% in the next cou­ple of years which makes it a high po­ten­tial mar­ket,” said Mehra. He said de­spite be­ing more dig­i­tally ad­vanced as com­pared to In­dia, ter­mi­nals in Malaysia con­tinue to run man­u­ally where any soft­ware up­date or any new of­fer­ings have to be man­u­ally up­dated – much like the way things were in In­dia a cou­ple of years ago. “We have put ev­ery­thing on the cloud, where the lat­est cash­back of­fers, or EMI op­tions or ac­counts and billing are up­dated in real time without any man­ual in­ter­ven­tion,” said Mehra.

Af­ter the launch, the com­pany will be able to of­fer not just au­to­mated billing and ac­count han­dling so­lu­tions, but also op­tions such as buy­ing with credit card on EMI, cash­backs, etc. “

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