Merchants payment unicorn Pine Labs, which is likely to list on the US stock exchanges soon, has announced its foray into the online payments space with the launch of a new product offering, Plural. The announcement comes after the company's successful fund-raising rounds worth $700 million this year at a $3.5 billion valuation , which also included a $100 million pre-IPO placement.
The company, which operates in India and various South-East Asian markets, is essentially tapping the offline merchants space by providing them simplified transaction solutions. With Plural launch, Pine Labs aims to reinvent the space through a suite of online payment products focused on speed, security, and user experience. Plural is expected to disrupt the payments gateway space and make the offline-to-online transition easier for Pine Labs' merchant base and other online businesses looking to tie-up with a company that has a good track record in the payments ecosystem.
"I am very excited to take Pine Labs on a new journey and a familiar terrain. What our technology folks have delivered with Plural is absolutely a world-class, advanced tech, and a seamless way for online commerce to happen. We believe Plural is going to be a category-defining product that will deliver an unmatched payment experience to the end user," B. Amrish Rau, CEO, Pine Labs, said.
Three key products announced today under the Plural brand include: Plural Gateway, Plural Checkout, and Plural Console. Plural Gateway is a customisable payment gateway that allows payment acceptance via 100+ modes of payment, and is also equipped to process Buy Now Pay Later (BNPL) transactions. Plural Checkout is a Mobile SDK (Software Development Kit) intended to boost payment gateway performance for Android and iOS users. Plural Console is a Payment Orchestration Platform (POP) that offers a single tech framework to trigger transactions via multiple payment gateways.
"The launch of Plural timed with our first-ever fintech summit called Pine Labs X.0 is another special feeling. I really had a fantastic time interacting with industry leaders like Gaurav Munjal, Gokul Rajaram, Shailendra Singh, and Pine Labs' very own Tanya Naik who joined us from PayPal last year and has truly spearheaded our entry into the online payments business," added Rau.
India's fintech industry is rapidly progressing with a huge adoption of digital payment solutions, especially United Payments Interface (UPI), which has crossed 3 billion transactions in volume per month since July this year.
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