Fintech platform Pine Labs has signed multi-year contracts with three state-owned downstream oil companies in India to modernise digital payments infrastructure across their retail networks.
The agreements cover Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL).
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Under the agreements, Pine Labs will deploy, manage and maintain digital payment acceptance infrastructure at petrol pumps and merchant outlets nationwide. The contracts cover nearly 130,000 digital payments acceptance devices that will be deployed and supported across India.
The company said the engagements are focused on operating payment rails to enable payments at the point of sale.
As part of the IOCL engagement, Pine Labs will also manage the oil company’s loyalty rewards platform, XTRAPOWER. The programme uses API integrations and supports fuel management, fleet analytics, trip management, secure Chip and PIN digital payment transactions including card, mobile, and RFID payments.
Pine Labs CEO B Amrish Rau said: “By combining our tech prowess with the massive retail footprints of top OMCs in India, we are enabling a tech-first and robust payments infra and a world-class prepaid loyalty rewards ecosystem.
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By GlobalData“Software-first approach of Pine Labs will ensure faster product feature rollouts, minimal on-site intervention, and a unified payments and rewards/loyalty platform for accelerated digitisation of fuel retail commerce in India.”
Pine Labs provides digital payments and issuing solutions. The company operates in India and international markets including Malaysia, UAE, Singapore, Australia, USA and Africa.
In November 2025, Pine Labs obtained regulatory licences from the Reserve Bank of India (RBI) to operate as a payment aggregator across offline, online and cross-border payments.
