Mastercard announced its partnership with Pine Labs, the largest payment facilitator for electronic Point of Sale (PoS) solutions in India to roll out more than 26,000 contactless terminals across the key merchant stores in the country over the next 12 months. Powered by Mastercard contactless technology, the merchants across Quick Service Restaurants (QSR), retail stores, cinemas and super markets will now be able to offer contactless terminals as an alternative method of payment to customers, allowing them greater ease and convenience of payments. The contactless payments solution will also help merchants build greater efficiency in managing their costs and time by way of reducing check-out time at the counters and costs related to handling of cash.
“Pine Labs is delighted to bring contactless payment acceptance in partnership with Mastercard, as it brings in benefits for merchants as well as customers, such as faster and secured check out plus reduced cost related to cash handling” said Kush Mehra, President APAC, Pine Labs. He added that “enabling PoS for mobile Near Field Communication (NFC) payment acceptance is a logical step for us, as Pine Labs continuously strives to provide incremental value to its merchants and its customers, through its innovative payment solutions. Pine labs adheres to highest payment security standards and the same are implemented for NFC payments too.”
Cashless transactions are on the rise, driven by increasing availability of contactless cards and introduction of new forms of payment technology in the country. According to a market research report published by MarketsandMarkets, the size of contactless payments market is expected to grow at a CAGR of 21.2 percent from USD 6.70 billion in 2016 to USD 17.56 billion by 2021.
“Mastercard’s contactless technology offers cardholders multi-level protection coupled with speed and convenience. Mastercard contactless payments are accepted at more than 3 million merchant locations in 77 countries worldwide. Our partnership with Pine Labs will help us build a safe and secure contactless payments ecosystem in the country. This is aligned with Mastercard’s vision of a world beyond cash and using technology to make payments safer, simpler and smarter for the consumers.” said Murali Nair, Senior Vice President, Market Development, South Asia, Mastercard.
Mastercard has been at the forefront of driving contactless payments globally. Contactless payments allow customers to make everyday purchases by simply tapping their contactless-enabled card or device on a contactless-enabled reader. Contactless acceptance is an excellent choice for any merchant, especially in environments where speed and convenience are valued and cash is currently the dominant payment method, such as fast food outlets, supermarkets, quick-service restaurants, convenience stores, vending machines etc.
More than 60,000 Retailers across India depend on Pine Labs to securely and reliably manage their Payment Acceptance. Pine Labs payment solutions simplify acceptance of all kinds of payments at PoS terminals, be it Credit/Debit Cards, EMI, Reward Points, Gift Vouchers, e-Wallet etc.
Govind Shrikhande, Customer Care Associate & Managing Director, Shoppers Stop Ltd.
“The introduction of contactless payment at all our stores will further enhance our customers’ shopping journey with its secure, fast, and convenient payment facility. We believe that Contactless Payment options, will increasingly become a preferred mode of transaction for our customers.”
Vinay Bhatia, CEO, Group Loyalty & Analytics, Future Group
“For Big Bazaar, fast and efficient Checkout is a key part of the Consumer Experience, and NFC is a great way of enabling this.”
G Murli, ED- Business Process & Commercial, Spencer’s
“Shopping at Spencer’s is a customer’s delight! Checkouts are quick, secure and hassle free. Thanks to a seamless billing experience by Mastercard Contactless Tap & Go™ technology, now available on Pine Lab’s POS at Spencer’s stores.”
Mr. Rajesh Sethuraman, General Manager-Marketing, Vishal Megamart
“Vishal Mega Mart stores which are operated by Air Plaza Retail Holdings Pvt Ltd accepts Mastercard Contactless Tap & Go™ technology on Pine Labs’ POS to reduce the time customers spend in the queue, leading to enhanced customer experience. Vishal Mega Mart stores always aim to ensure fast and secure checkout and accepting Mastercard Tap & Go™ technology, facilitates the same.”