Global fintech platform Pine Labs has secured multiple landmark contracts from three of India’s leading Oil Marketing Companies — Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL). Under these multi-year agreements, Pine Labs will deploy, manage, and maintain digital payments infrastructure at petrol pumps and merchant outlets across the country.
The contracts will see the pan-India rollout and maintenance of nearly 130,000 digital payment acceptance devices, enabling faster, secure, and seamless transactions at the point of sale. For IOCL, Pine Labs will also manage the XTRAPOWER loyalty rewards platform, widely used by fleet operators for fuel management, fleet analytics, trip management, and secure Chip-and-PIN transactions across card, mobile, and RFID payments.
Commenting on the development, B. Amrish Rau, CEO of Pine Labs Limited, said the partnership will combine Pine Labs’ software-first technology with the extensive retail network of BPCL, HPCL, and IOCL to build a unified payments and loyalty ecosystem, accelerating the digitisation of fuel retail commerce in India.