Pine Labs gets offline boost with latest acquisition

Payments player Pine Labs is set to gain deeper access to the market of small offline retailers after buying a majority stake in payments solution company Mosambee.

Its product suite will now boast mobile point-of-sale terminals and a lighter software platform, which banks use to process transactions at small merchant outlets. 

Mumbai-based Mosambee, known little outside banking circles, is a key partner of HDFC Bank. According to industry insiders, it works with three to four other lenders. It is estimated to have a merchant base of 1 million and manages about 600,000 terminals.