Pine Labs awarded multi-year contracts by top 3 Indian OMCs for nationwide Digital Payments Platform Modernisation

Global fintech platform Pine Labs today announced that it has won multiple landmark contracts from three of the leading Oil and Marketing Companies (OMCs) in India, namely Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL).

Under the contracts executed with respective OMCs, Pine Labs will be entrusted with deploying, managing and maintaining the digital payments infrastructure at petrol pumps and merchant outlets across India. These are multi-year contracts aimed at leveraging the expertise of Pine Labs in managing the payment rails for swifter, secure, seamless money movements at the point of sale. These will collectively cumulate to nearly 130,000 digital payment acceptance devices to be instantly deployed and maintained pan-India.

For IOCL specifically, Pine Labs will also be managing their loyalty rewards platform called XTRAPOWER, in popular use by lakhs of fleet operators in India. The program, built on robust API integrations, caters to fuel management, fleet analytics, trip management, secure Chip and PIN digital payment transactions, including card, mobile and RFID payments. This fintech partnership with public sector behemoths reinforces the commitment of leading Indian OMCs and Pine Labs towards customer-centricity via seamless, secure and frictionless digital payments and loyalty rewards experiences.

Commenting on the announcement, B Amrish Rau, CEO, Pine Labs Limited, said, “By combining our tech prowess with the massive retail footprints of top OMCs in India, we are enabling a tech-first and robust payments infra and a world-class prepaid loyalty rewards ecosystem. Software-first approach of Pine Labs will ensure faster Service feature rollouts, minimal on-site intervention and a unified payments and rewards/loyalty platform for accelerated digitisation of fuel retail commerce in India.”

About the Company

Gemini said

Pine Labs Limited is a global technology powerhouse dedicated to digitising commerce through a comprehensive suite of digital payment and issuing solutions. By leveraging an advanced, one-stop software tech stack, the company accelerates the digital transformation for a diverse ecosystem of merchants, consumer brands and financial institutions. Their operations span across India and key international markets, including the UAE, Singapore and the USA, providing secure online payment experiences alongside integrated affordability solutions that bridge the gap between enterprises and their end users.

Beyond transaction processing, Pine Labs' issuing business offers a robust, full-stack technology service for physical prepaid instruments and gift cards. This end-to-end solution serves high-growth industries such as retail, hospitality and travel across Southeast Asia, Africa and the Middle East. With specialized offerings like Credit+, the company continues to scale its fintech infrastructure globally, ensuring that financial institutions and brands have the tools necessary to manage sales, distribution and customer loyalty in an increasingly digital economy.

Disclaimer: The article is for informational purposes only and not investment advice.