The Silicon Review ^Asia

Kotak Mahindra Bank will find it easy to scale up its Merchant Acquiring Business now

Kotak Mahindra Bank has announced a partnership with the leading merchant commerce platform Pine Labs to expand its merchant acquiring and PoS services to more merchants.

PoS terminals have been growing rapidly in India ever since the demonetization happened in 2016. As of August 2021, the number of PoS terminals in the country stands at approximately 4.7 million. Merchants in India will now be able to get the Kotak Mahindra Bank's PoS payment solutions through Pine Labs' technology stack to grow their business.

Pine Labs has a remarkable presence in Asia and the Middle East (a network of over 245,000 merchants).

"Pine Labs is a leading player with customised solutions for retailers and B2C service providers, and this collaboration with them opens up a significant market opportunity for Kotak to onboard new merchants and offer them an integrated PoS plus suite of digital payments and banking products proposition," said Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank.

Kotak Mahindra Bank's PoS terminals will accept payments of up to INR 5000 with PIN using 'Tap & Pay.' It will also have Instant EMI conversion facility for customers for transactions equal to or above INR 3000. Further, these also have Dynamic Currency Conversion facility, Dynamic QR facility for payment from any mobile app, Daily transaction reports and Flexible fees and charges structure.