New Delhi, Jan 27 (PTI) Payment solutions provider Pine Labs on Wednesday launched AllTap app to help small merchants with contactless card payment acceptance, and said it aims to onboard one million customers for the solution over the next one year.
The new app will help merchants start accepting digital payments on their NFC-enabled smartphone without the need of any additional hardware like POS (point of sale) machines.
The 'tap and pay' feature within the app is secure and is certified by PCI Security Standards Council (PCI SSC), RuPay, Visa, Mastercard and Amex.
'AllTap needs no additional hardware for merchants to start accepting digital payments, their NFC-enabled smartphone can become a payments acceptance device. This can help small merchants, taxi drivers, self-employed individuals, tuition-givers, and several other entrepreneurs, who want a simple digital payments acceptance solution,' Pine Labs CEO B Amrish Rau said during a virtual briefing.
He added that the company aims to onboard 1,00,000 merchants in the next three months and one million (10 lakh) merchants over the next one year with this solution.
Asked if this solution will compete with Pine Labs' POS machine offering, Rau said the two products have different user cases.
He explained that smaller merchants may not want to invest in a POS machine that could cost about Rs 10,000 as their number of transactions is lesser. Bigger merchant with larger volume of transactions are likely to prefer a separate POS machine.
Pine Labs will also take this solution to other markets in South East Asia and the Middle East, Rau said.
The company has about 5,00,000 POS machines installed in the country and a merchant base of about 1.5 lakh on its platform. Incorporated in Singapore, Pine Labs' key investors include Actis Capital, Mastercard, PayPal, Sequoia India, and Temasek. 'With AllTap, we are offering merchants a robust PCI SSC-compliant Contactless Payments on COTS (CPoC) solution. This ensures all tap and pay transactions are fully secure. Our PCI SSC-CPoC listing underwent an extensive audit and certification from PCI SSC and leading networks Visa, RuPay, Mastercard, and Amex,' Sanjeev Kumar, CTO at Pine Labs, said.
The app requires little documentation for the digital onboarding of merchants, making it a quick to download and use solution. Pine Labs' AllTap app is available on Google Play Store, he said. PTI SR ANU ANU