Merchant commerce platform Pine Labs has forayed into the payment gateway business with the launch of a new platform called Plural. This move pits it against incumbents 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 offering and a natural progression for its merchants base of 5 lakh which receive payments using its suite of payments collection services.
Plural Checkout is a Mobile SDK (Software Development Kit) intended to boost payment gateway performance for Android and iOS users and Plural Console is a Payment Orchestration Platform (POP) that offers a single tech framework to trigger transactions via multiple payment gateways, said the company in a press statement.
Plural Gateway will enable a single payment dashboard [for merchants] for all kinds of payments including credit-debit cards and Unified Payments Interface (UPI). With this, Pine Labs’ also fills in the last missing piece in its payment suite.
According to Entrackr sources, the company was also exploring acquisitions to get into the online payment gateway business. However, it seems that Pine Labs has preferred to build over buy for the new offering.
Plural has already signed up some notable companies such as Chroma, CRED, iPhone, OnePlus, Vivo, Samsung and Reliance Digital. In time, it aims to rope in large government institutions including e-commerce and financial services companies.
Given that Pine Labs caters to large offline merchants and retail chains through its PoS offering, it would be easier for the company to extend its payment gateway. With the firm already offering PoS, loyalty, BNPL, QR code payments options to its customers, the Plural offering is expected to find acceptance easily.
These product launches have come on the heels of the company’s $100 million fundraise. In 2021, the company had mopped up $700 million and is gearing up for an initial public offering (IPO) in the US at a $6 billion valuation. Its Singapore-based holding entity had recently turned into a public company.
Entrackr had exclusively reported the development last month.