Pine Labs to launch stablecoin prepaid card in nine markets by April
Pine Labs will launch a stablecoin-backed prepaid card in nine Middle East, Africa and Southeast Asia markets by April, converting wallet-held stablecoins into local currencies in real time. International operations make up 17% of revenue, while gross revenue rose 24% year-on-year to 7.44 billion rupees in the December quarter.
1. Stablecoin-Backed Prepaid Card
Pine Labs plans to introduce a prepaid card that draws funds directly from stablecoins held in users’ digital wallets, converting them into local currencies at the point of sale in real time. The card rollout is scheduled for nine markets across the Middle East, Africa and Southeast Asia by April.
2. Target Regions and Exclusions
The company is focusing on jurisdictions with a stablecoin-friendly regulatory stance, explicitly excluding India and China from this launch. This selective approach aims to capitalize on emerging markets where digital asset acceptance is growing.
3. Financial Performance
International business contributed 17% of total revenue in the December quarter, while gross revenue for that period climbed 24% year-on-year to 7.44 billion rupees. The overseas expansion is part of a broader strategy to diversify revenue streams.
4. Strategic Initiatives and Partnerships
Pine Labs is doubling down on AI-led payment solutions and cross-border offerings, having secured multi-year deals with BPCL, HPCL and IOCL to modernize fuel retail payment systems. The company also obtained Reserve Bank of India licenses to operate as a payment aggregator for offline, online and cross-border transactions.