Merchant commerce omnichannel platform company Pine Labs’ online payments processing division Plural is anticipated to grow 10 to 15 times in the next two years and earn $4 to $5 billion in monthly transactions within two years from the $380 million it’s currently taking in now.
“Offline payments (business) is much more difficult than online and we have already cracked that. Merchants expect high transaction success rate from online payments. We can give any competitor a run for their money,” Pine Labs CEO Amrish Rau told Reuters in a report on Friday (Aug. 5).
Launched in 2021, Plural is anticipated to contribute 20% of the revenue for Pine Labs, Rau told Reuters.
See also: Pine Labs Acquires Setu in Reported $70M to $75M Deal
Pine Labs acquired application programming interface (API) infrastructure startup Setu in June to further bolster its suite of digital payments and lending products, PYMNTS reported. Setu offers services across bill payments, savings, credit and payments and retained its brand identity following the acquisition.
Valued at $5 billion, Pine Labs has been backed by heavy hitters including Mastercard and Temasek, Reuters reported. The company moved into digital payments processing to meet the burgeoning payments demand in India.
Digital transactions comprise 40% of all payments in India, Reuters reported, citing Boston Consulting Group. The Indian government has also been advocating for digital payments.
Plural is already processing online transactions with Samsung India and Apple’s Indian resellers, Rau told Reuters.
Read more: Pine Labs Grabs Majority Stake in Mosambee
In April, Pine Labs made a majority investment in Indian end-to-end payment solution provider Mosambee, PYMNTS reported.
Pine Labs totaled over 250,000 merchant relationships in more than 675,000 merchant networks in India and Southeast Asia since March, with over 25 issuers on its platform.
Related: Home Credit India Partners With Pine Labs to Build Omnichannel Transactions Network
Pine Labs is headquartered in Noida, India and was founded in 1998.
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