Digital retail payments platform Pine Labs will open the application program interface (API) of its Android-based in-store payment platform to developers. They can use the platform to build solutions for merchants and small and medium businesses (SMBs). The company announced there will be a dedicated application store to house developer apps. Pine Labs will also support the distribution of these apps to the merchant community.
“Asia Pacific is the fastest growing developer region in the world. Analysts have predicted that the developer community in India will be the largest in the world in five years, surpassing that of the United States,” said Vicky Bindra, chief executive at Pine Labs. “We would like these developers to solve interesting fintech challenges from this part of the world, using our APIs. We have, therefore, opened up our in-store and online payments APIs to the developer community,” added Bindra.
This move comes at a time when Pine Labs is gearing up for the next phase of its journey.
It is planning to bring in the latest solutions that aim at providing better customer experience, foray into new markets and categories, and eventually go for an initial public offering (IPO) which may happen over the next two years. In the next couple of years, the Noida-based firm is also expecting the total payment volume (TPV) on its transactions to rise more than four-fold to $100 billion from $23 billion.
“Payments is emerging as the most integral part of all online and offline businesses, with the rise of smartphones and increasing acceptance of digital payments,” said Sanjeev Kumar, chief technology officer, Pine Labs. “We want developers to ‘plumb-and-play’ and build innovative solutions for merchants, powered by an easy and secure payment platform,” Kumar added.
Pine Labs had announced the opening of its online payment (payment gateway) API in May 2019. Backed by investors like Sequoia India, PayPal, Temasek and Sofina, Pine Labs’ offerings are used by 1,00,000 merchants in 3,700 cities and towns across India and Malaysia.