Service Management

Pine Labs wins digital payments contracts from Indian petrol merchants

Pine Labs wins digital payments contracts from Indian petrol merchants

Global fintech platform Pine Labs has announced that it has won multiple contracts from three of the leading oil and marketing companies (OMCs) in India: Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL).

Pine Labs will be entrusted with deploying, managing, and maintaining the digital payments infrastructure at petrol pumps and merchant outlets across India.

These are described as 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.

This is not a small undertaking: it involves nearly 130,000 digital payments acceptance devices to be deployed and maintained across India.

Pine Labs will also be managing IOCL’s loyalty rewards platform called XTRAPOWER, in use by hundreds of thousands of fleet operators in India. The programme, built on robust API integrations, caters to fuel management, fleet analytics, trip management, and secure chip and PIN digital payment transactions including card, mobile and RFID payments.

B Amrish Rau, CEO, Pine Labs, explains: “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. The 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.”

Pine Labs operates in India and a growing number of international markets including Malaysia, UAE, Singapore, Australia, USA, and Africa.

It’s certainly been busy in India of late. As we reported at the time, in December API-enabled technology platform Setu, owned by Pine Labs, announced the launch of what it calls India’s first agentic bill-payments experience.

In February meanwhile, Pine Labs announced a collaboration with OpenAI to engineer what it called the era of agentic commerce in India. And in late January one of Sri Lanka’s largest listed entities, the Pan Asia Banking Corporation (PABC), and Pine Labs announced a partnership that will see the Pine Labs implementing an end-to-end card management platform for the bank.



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