MasterCard has teamed up with Pine Labs, an India-based payment facilitator for electronic point of sale (POS) solutions, to launch over 26,000 contactless terminals across the key merchant stores in the country over the next one year.
Powered by MasterCard contactless technology, the contactless POS will enable merchants build greater efficiency in managing their costs and time by slashing check-out time at the counters and costs related to managing cash.
Now, the merchants across Quick Service Restaurants (QSR), retail stores, cinemas and super markets can offer contactless terminals as an another method of payment to customers, allowing them greater ease and convenience of payments.
Pine Labs president APAC Kush Mehra 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."
MasterCard senior vice president for South Asia market development Murali Nair said: “MasterCard’s contactless technology offers cardholders multi-level protection coupled with speed and convenience. MasterCard contactless payments are accepted at more than three 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.”