Global fintech platform Pine Labs on Monday said that it has secured multi-year contracts from Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL) to modernise their digital payments infrastructure across their nationwide retail networks.
Under the agreements, Pine Labs will deploy, manage and maintain digital payments infrastructure at petrol pumps and merchant outlets across India. The contracts cover the rollout and maintenance of nearly 130,000 digital payment acceptance devices nationwide.
“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,” said B Amrish Rau, CEO, Pine Labs Ltd
Pine Labs, in a statement, said that for IOCL, it will also manage the XTRAPOWER loyalty rewards platform, used by fleet operators for fuel management, fleet analytics and trip management. The platform supports chip-and-PIN transactions and multiple digital payment modes, including card, mobile and RFID payments, through API-based integrations.
The company said it will support secure, seamless point-of-sale transactions, leveraging its payments technology to manage transaction processing and related infrastructure for oil marketing companies.
