The Pine Labs trading platform has moved into the payment gateway business with the introduction of a new platform called Plural. This step competes against the established providers Razorpay, PayU-Billdesk, CCAvenue and Paytm.
While the company has launched three products: Plural Gateway, Plural Checkout, and Plural Console, its payment gateway business is a major proposition and a natural evolution for its merchant base of 5 lakh who receive payments through its suite of payment collection services.
Plural Checkout is a Mobile SDK (Software Development Kit) designed to improve the performance of the payment gateway for Android and iOS users, and Plural Console is a Payment Orchestration Platform (POP) that provides a single technical framework to handle transactions across multiple Triggering payment gateways, the company said in a press release.
Plural Gateway enables a single payment dashboard [for merchants] for all types of payments including credit debit cards and Unified Payments Interface (UPI). Pine Labs is thus also adding the last missing piece in its Payment Suite.
Corresponding Trickypedia Quellen also looked at acquisitions to enter the online payment gateway business. However, it appears Pine Labs preferred to build rather than buy for the new offering.
Plural already has some well-known companies such as Chroma, CRED, iPhone, OnePlus, Vivo, Samsung and Reliance Digital. Over time, large government institutions such as e-commerce and financial services companies are expected to become involved.
Since Pine Labs serves large offline merchants and retail chains with its PoS offering, it would be easier for the company to expand its payment gateway. As the company already offers its customers PoS, Loyalty, BNPL and QR code payment options, the plural offer is expected to be easily accepted.
These product launches have come on the company’s heels $ 100 million donations… In 2021 the company had wiped out $ 700 million and is prepares itself for an initial public offering (IPO) in the US valued at $ 6 billion. The Singapore-based holding company had recently been converted into a public company.
Trickypedia would have exclusively reported the development over the last month.