THEBUSINESSBYTES BUREAU
MUMBAI, FEBRUARY 23, 2026
Global fintech platform Pine Labs today announced that it has secured
multiple landmark contracts from three of India’s leading Oil Marketing Companies
(OMCs) — Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation
Limited, and Indian Oil Corporation Limited.
Under the agreements executed with the respective OMCs, Pine Labs will
deploy, manage, and maintain digital payments infrastructure at petrol pumps
and merchant outlets across the country. The multi-year contracts leverage Pine
Labs’ expertise in operating payment rails to enable faster, more secure and
seamless money movement at the point of sale. Collectively, the programme will
see the immediate pan-India deployment and lifecycle management of nearly
130,000 digital payments acceptance devices.
For IOCL in particular, Pine Labs will also manage its widely used
loyalty rewards platform, XTRAPOWER, which serves lakhs of fleet operators
across India. The programme, built on robust API integrations, supports fuel
management, fleet analytics, trip tracking and secure Chip-and-PIN digital
payment transactions, including card, mobile and RFID-based payments.
Commenting on the development, B Amrish Rau, CEO, Pine Labs Limited, 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. 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.”
The fintech collaboration with public sector energy majors reinforces the shared commitment of India’s leading OMCs and Pine Labs to customer-centric innovation through seamless, secure and frictionless digital payments and loyalty rewards experiences across the fuel retail network.
