Pine Labs

In a strategic move to deepen its presence in digital commerce, Pine Labs has announced the acquisition of Shopflo for Rs 88 crore. The all-cash transaction, expected to conclude within three months, reflects a growing industry trend where payment infrastructure providers are integrating end-to-end solutions to improve merchant conversion rates. By combining payments processing with checkout optimization, Pine Labs aims to empower online businesses to not only collect payments efficiently but also enhance customer experience and boost sales.

The Reserve Bank of India (RBI) has taken decisive action against multiple financial institutions for failing to comply with regulatory directives. Union Bank of India, Bank of India, Central Bank of India, and Pine Labs were collectively fined over Rs 2.20 crore for lapses including delayed credit of unauthorized electronic transactions, insufficient customer support for reporting fraud, and manual intervention in automated account classification systems.