India is positioning itself as a global leader in applied artificial intelligence, with OpenAI teaming up with Pine Labs to integrate AI reasoning into its fintech payment solutions. This collaboration aims to automate settlement and invoicing, potentially boosting AI-led commerce in the country.
Pine Labs will incorporate OpenAI’s application programming interfaces into its payment systems to enhance AI-assisted workflows for settlement, reconciliation, and invoicing. This move is part of OpenAI’s strategy to expand its presence in India, one of its fastest-growing markets, and integrate its technology into various sectors beyond ChatGPT.
Pine Labs, which has already been using AI internally to streamline its settlement process, now seeks to extend these efficiencies to merchants and corporate clients, focusing on B2B areas like invoice processing and payment orchestration. CEO B Amrish Rau highlights the potential for faster AI adoption in B2B workflows due to their repetitive nature.
The rollout of AI-driven payment systems is expected to advance more rapidly in markets with existing regulations, while India may initially focus on AI-assisted commerce. OpenAI’s collaboration with Pine Labs aims to deepen its integration into India’s payment and enterprise ecosystems, transitioning Pine Labs into a broader commerce platform.
Pine Labs works with a vast network of merchants, consumer brands, and financial institutions across multiple countries, providing significant reach for the OpenAI partnership. The companies will not share revenue, maintaining independence regarding AI and payment services.
The partnership is non-exclusive, allowing Pine Labs to explore collaborations with other AI providers. Pine Labs is also enhancing security and compliance measures to protect transaction data in its AI-integrated systems.
Building on previous AI-driven commerce initiatives, including agent-led bill payment trials, this partnership coincides with India’s AI Impact Summit in New Delhi, where global AI companies and Indian startups are showcasing advances in AI across various sectors.