Posted by Dubai, UAE: Merchant commerce omnichannel platform Pine Labs enters United Arab Emirates (UAE) market. Pine Labs said it will partner with local banks and financial institutions in the UAE region to help them serve their merchant partners better.
Banks in the UAE will benefit from a simple and easy-to-use technology stack that Pine Labs offers to build innovative products into consumer journeys.
Local incumbent banks in the UAE will get seamless tech integrations from Pine Labs. For these banks, such partnerships are expected to fasten product delivery and help them introduce quality fintech products for their customers.
“Happy to be here with our team in UAE and set to motion what I believe will be a promising new market for us. Our smart point-of-sale tech stack is built for scalability and efficiency and is used by large banks in India and Southeast Asia,” said Kush Mehra, President and CBO of Pine Labs.
“We believe UAE banks are keen to deliver value to their merchant partners and are looking for smarter tech integrations that end up elevating the experience for their customers. We look forward to working closely with banks and brands in the region and deliver the best technology outcomes for them,” added Mehra.
The company has opened a new office at Emaar Business Park, Sheikh Zayed Road, Dubai; and has also announced its partnership with jewellery brand Kalyan Jewellers which has a significant presence across the UAE.
“Kalyan Jewellers Group is happy to engage with the leading fintech company, Pine Labs in India and the UAE to leverage their payment solutions expertise for improving customer experience in retail showrooms,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.
In 2021, the share of cash payments in overall transactions declined from 69% to 20% in UAE. With consumer preference shifting to digital modes of payment, banks in UAE are experiencing growth in revenues amid the ongoing wave of digital transformation.