New Delhi, Jul 22 (PTI) Payment solutions firm Pine Labs on Wednesday said it has invested an undisclosed amount of funding in southeast Asian fintech platform provider Fave.
Fave's platform provides QR payments and loyalty cashback to restaurants and retailers.
Under the terms of the partnership, Fave's QR code will become interoperable and integrated with Pine Lab's terminals, enabling a single, safe, and seamless platform for digital payments and loyalty solutions in southeast Asia, a statement said.
Fave's merchant payment acceptance and loyalty cashback solutions will expand into both debit and credit card platforms through Pine Labs payment terminals, it added.
'We're excited to invest in Fave and partner with their leadership to provide integrated merchant commerce in southeast Asia,' Pine Labs Chief Executive Officer B Amrish Rau said.
He added that Fave's expertise in operating merchant loyalty programmes and the QR space, providing payments, loyalty and gift solutions will help merchants in the region navigate expansion in the post-coronavirus world.
Merchants working with Pine Labs in southeast Asia will also gain access to Fave's loyalty solutions and reward their customers with cashback, the statement said.
The merchants will also get access to transparent reporting, payment reconciliation, customer insights and demographic data via access to Fave's digital dashboard, Favebiz, it added.
'Nearly 50,000 of Fave's and Pine Labs' merchants in southeast Asia will benefit immediately from the partnership. The collaboration aims to scale and grow more businesses digitally in the coming months. Fave will also be receiving funding from Pine Labs as part of the partnership,' the statement said.
Fave co-founder and CEO Joel Neoh said the partnership brings together great understanding and expertise in technology development to help support merchants through successful business transformations.
'With digitalisation playing an increasingly critical role in the recovery of southeast Asia's economy, merchants recognise that they need to accelerate the development of digital solutions to ensure that they remain competitive.
'We will work with Pine Labs to further strengthen Fave's mission of helping merchants adapt to and digitalise in the new normal,' he added. PTI SR HRS