Payment solutions provider Pine labs is set to expand its operations internationally to markets like Singapore and Malaysia by the end of the year as it looks to garner revenues to the tune of Rs500-600 crore by March 2018. The Noida-based firm, which works with retailers and banks, aims to close the ongoing fiscal with Rs150 crore in revenue.
“We are looking at expansion in South East Asia, countries like Singapore and Malaysia. We have a strong market share in India in the credit/debit card market and we hope to replicate the success in these new markets as well,” Pine labs India CEO lokvir Kapoor told PTI, adding that a major chunk of the company’s revenues would continue to come from India.
“By March 2018, we are looking at revenues of Rs500-600 crore. India would remain the big driver and in the next five years, we see India and international business to be in a similar ratio,” he said.
Pine labs, which provides retail point of sale (POS) terminals for payment acceptance, has about one lakh POS terminals in the market and aims to increase the deployment significantly. At present, Pine labs handles about 16-17 per cent of total cards volume (debit and credit cards) put through offline POS terminals in the country, Kapoor said.
The company has now introduced a new solution that will enable customers to pay for purchases using loyalty points accumulated across various credit and debit cards. “Paybypoints is a technology platform that aggregates India's top loyalty reward programmes on a single platform.
Cardholders can pay for purchases and services instantly through their reward points that accrue on leading cards across a wide range of merchants,” Kapoor said.
He added that the platform is estimated to give reward points redemption to reward point bank worth of Rs3,000 crore held by more than 300 million card holders of customers.
“In India, there is a huge pile of accumulated reward points and the card holder usually ends up not utilising it as it is often a tedious process,” he said.