Pine Labs to Roll Out Stablecoin Backed Prepaid Card says CEO

Pine Labs is preparing to introduce a stablecoin-linked prepaid card across nine countries spanning West Asia, Africa and Southeast Asia by the end of April, as per Reuters report.  

The initiative marks the first such overseas push by a listed Indian payments firm into the expanding stablecoin ecosystem. 

Product Strategy and Market Selection 

As per report, Chief Executive Amrish Rau said the rollout will focus on jurisdictions that maintain a “stablecoin-friendly stance,” while clarifying that the company does not plan to introduce the product in India or China.  

The prepaid card will be funded through stablecoins held in users’ digital wallets and will enable payments in local currencies through instant conversion at the point of sale. 

Rau observed that “cross-border payments potentially are getting replaced today by stablecoins,” describing them as “very real trends” that are accelerating globally. 

The stablecoin market has crossed $310 billion in value, led by dollar-pegged tokens such as Tether and USDC, with firms like Stripe, PayPal and Klarna already deploying similar instruments for cross-border use cases. 

Financial Performance and Broader Focus 

Headquartered in India’s National Capital Region, Pine Labs operates in nearly 20 countries, with overseas business contributing about 17% of total revenue. Gross revenue for the December quarter rose 24% year-on-year to ₹7.44 billion.  

However, its shares have declined roughly 28% since listing in November amid intensifying competition in the digital payments space. 

Rau said the company is prioritising AI-led payments, cross-border expansion and experimentation with stablecoins.  

Emphasising the pace of technological change, he remarked that “all tech companies are into stablecoins” and warned that failure to adapt could leave Indian fintech firms behind global peers. 

Read More: UPI Monthly Volumes Dip: Annual Growth Remains Strong! 

Conclusion 

By launching a stablecoin-backed prepaid card outside India and China, Pine Labs is positioning itself at the intersection of cross-border payments and digital asset innovation as it expands its international footprint. 

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