Key merchants in India will now have 26,000 contactless terminals being rolled out to them, in lieu of the partnership between Mastercard and Pine Labs. This roll out of terminals will take place over the period of the next 12 months, and will now be able to offer an alternative method of payment, which is quicker, cashless, and secure for all. This initiative will also ensure check-out transactions are done in a speedier manner, and reduce the cost of handling cash by a large margin.
Kush Mishra, the Pine Labs President in the APAC region said, “Pine Labs is delighted to bring contactless payment acceptance in partnership with Mastercard, as it brings in benefits for merchants as well as customers, such as faster and secured check out plus reduced cost related to cash handling. Enabling PoS for mobile Near Field Communication (NFC) payment acceptance is a logical step for us, as Pine Labs continuously strives to provide incremental value to its merchants and its customers, through its innovative payment solutions. Pine labs adheres to highest payment security standards and the same are implemented for NFC payments too.”
With new payments technologies making their way in India, the market for these advancements and innovations is on the rise, due to the many conveniences it provides. According to statistics published by MarketsandMarkets, the size of contactless payments is estimated to be growing an a CAGR (Compounded Annual Growth Rate) of 21.2%, and will expand from $6.70 billion in 2016 to around $17.56 billion by 2021.
Speaking more upon the capabilities and advantages that Mastercard brings, Murali Nair, Senior Vice-President of Market Development in South-Asia said, “Mastercard’s contactless technology offers cardholders multi-level protection coupled with speed and convenience. Mastercard contactless payments are accepted at more than 3 million merchant locations in 77 countries worldwide. Our partnership with Pine Labs will help us build a safe and secure contactless payments ecosystem in the country. This is aligned with Mastercard’s vision of a world beyond cash and using technology to make payments safer, simpler and smarter for the consumers.”
Contactless payments allow customers to make everyday purchases by simply tapping their contactless-enabled card or device on a contactless-enabled reader. Contactless acceptance is an excellent choice for any merchant, especially in environments where speed and convenience are valued and cash is currently the dominant payment method, such as fast food outlets, supermarkets, quick-service restaurants, convenience stores, vending machines etc.