Mumbai : Fintech platform Pine Labs has secured multi-year contracts from Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL) to modernise digital payments infrastructure across their retail networks in India.
Under the agreements, Pine Labs will deploy, manage, and maintain digital payments systems at petrol pumps and merchant outlets nationwide. The contracts involve the rollout and maintenance of nearly 130,000 digital payment acceptance devices across the country, according to the company.
For IOCL, Pine Labs will also manage the company’s loyalty rewards platform, XTRAPOWER, which is used by fleet operators. The platform includes API integrations supporting fuel management, fleet analytics, trip management, and Chip-and-PIN-based digital payment transactions, including card, mobile, and RFID payments.
B. Amrish Rau, Chief Executive Officer of Pine Labs Limited, said the collaboration combines the company’s technology capabilities with the retail networks of the oil marketing companies to support digital payments and loyalty programs.
The partnership aims to strengthen digital payment acceptance and loyalty ecosystems across fuel retail outlets operated by the three public sector oil marketing companies.
