BENGALURU: At a time when Unified Payments Interface (UPI) in India has crossed Rs 5 lakh crore monthly mark in value with 2.73 billion transactions, merchants payment platform Pine labs has announced the acquisition of fintech startup Fave for $45 million to tap the booming market.
With this acquisition, Fave app will join the league of PhonePe, Google Pay, Paytm andAmazon Pay to cash in on the growing peer-to-merchants (P2M) transaction, which saw grew 20 per cent between October and February.
Fave, which will be rolled out in India soon, has enabled 60 lakh consumers in Southeast Asian countries such as Malaysia, Singapore and Indonesia to make transactions worth $400 million across 40,000 retail points since 2016.
The latest acquisition will enable Indian consumers to make transactions at nearly five lakh physical retail points and merchants powered by Pine Labs across 3,700 cities in the country, the company said in a statement, It aims to ensure that consumers save on every transaction.
PhonePe, Google Pay dominate UPI market
Walmart-owned PhonePe became the only app that processed over one billion UPI transactions in March this year, closely followed by rival Google Pay whose transaction volumes stood at 960 million.