Pine Labs (NSE:PINELABS) drops 3%; firm extends partnership with Woolworths Group

Shares of Pine Labs Ltd fell 3% in Tuesday's trade after the payments technology company announced the extension of its technology partnership with Woolworths Group for five years. The partnership will see Pine Labs continue to support the retailer's gift card ecosystem through its Qwikcilver subsidiary.

Under the extended partnership, Pine Labs will support Woolworths Group's gift card programmes through enhanced platform capabilities, deeper API integrations, increased scalability and digital technology. The company said the arrangement will also support the evolution of gift card experiences across physical and digital channels.

Pine Labs shares fell 3.18% in Tuesday's trade, touching a low of Rs 167.70, compared with the previous close of Rs 173.20. The stock opened at Rs 172.20 and hit a high of Rs 172.90 during the session.

Through Qwikcilver, Pine Labs provides the technology platform supporting Woolworths Group's gift card programmes. The platform covers the lifecycle of gift card products, including issuance, processing, transaction management and omnichannel programme management.

The company said Qwikcilver's API-led and modular architecture helps Woolworths integrate gift card capabilities with its wider commerce ecosystem and create new use cases by leveraging existing technology infrastructure. The extended partnership is also aimed at supporting Woolworths' ongoing modernisation of its gift card infrastructure.

Commenting on the partnership, Amrish Rau, CEO, Pine Labs, said, "The most valuable technology partnerships are built over time and become part of the infrastructure that businesses rely on every day." He added that the extended partnership builds on the relationship and would support new gift card experiences and stored-value use cases.

Qwikcilver Solutions Pvt Ltd is a step-down subsidiary of Pine Labs Ltd and provides commerce technology infrastructure across Asia, Southeast Asia, the Middle East, Africa, Australia and the US. Its platform connects merchants, enterprises, financial institutions and consumers through payment, issuing, credit and fintech solutions.