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December 12, 2018
New Delhi, December 11, 2018: UnionPay International and Pine Labs today announced a partnership to create merchant and consumer awareness about acceptance of UnionPay debit and credit cards in India. As a result of this partnership, UnionPay cardholders all over the world who travel to India will be able to transact at all Pine Labs point-of-sale terminals in over 3000 cities across diverse sectors - electronics, food & beverage, hospitality, fashion, pharmacy, telecom and airlines.
“An estimated 100 million Chinese tourists travel internationally every year. The number of tourists travelling to India is growing steadily at 30% annually. UnionPay has realized acceptance at 90% of ATMs in India, and are now eager to improve our merchant acceptance coverage. We have seen tourists spend in hospitality, restaurant and organized retail sectors. Pine Labs’ network is strong across all these sectors in India. We are happy to, therefore, extend the Pine Labs network access in India to our customers,” said Liu Heng, General Manager of UnionPay International Hong Kong Branch.
Kush Mehra, President, Payments Business, Pine Labs said, “We are excited to partner with UnionPay International in facilitating and enhancing payment experience for Chinese tourists traveling to India. Other than ease of payment in offline stores, UnionPay customers will have access to retail offers from over 100 brands that are part of our network today. This partnership will also benefit our partners in the hotel segment.”
Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit www.pinelabs.com