'No CVVs, No OTPs': Pine Labs To Launch New Tap And Go Online Payment System
"We got a patent for a revolutionary idea for online payments. Tap card to your own phone to complete online payment transaction while sitting at home", PineLabs CEO said.
Pine Labs Ltd. has secured patent for a tap and go online payment transaction technology via card that allows a checkout without the hassle of remembering the card verification value or CVV, according to Chief Executive Officer of the company Amrish Rau.
"We got a patent for a revolutionary idea for online payments. Tap card to your own phone to complete online payment transaction while sitting at home", Rau stated in a post on social media platform X.
The CEO delved into the details of the 'tap to pay online' system by Pine Labs which brings the tap-and-go experience at online checkouts. "Go to any online shopping app, be it e-commerce or food delivery, select your product, go to the check out page and where it says payment select the 'tap to pay online'".
This will enable the near-field communication or NFC of the phone and then all one needs to do it is take their card out and tap, Rau underscored.
Pine Labs Q2 Highlights
The recently-listed Pine Labs swung to profit in the second quarter of the current financial year, due to lower depreciation and ESOP expenses.
Consolidated net profit in the July-September quarter was Rs 6 crore, compared to a loss of Rs 32 crore in the corresponding period last year, according to an exchange filing on Wednesday. On a sequential basis, Pine Labs reported a net profit for a second straight quarter.
Revenue from operations jumped nearly 18% to Rs 650 crore from Rs 552 crore last year.
On the operating side, earnings before interest, tax, depreciation and amortisation doubled to Rs 75.4 crore from Rs 36 crore. Margin expanded to 11.6% versus 6.5% last year.
