Regulatory Filing Details
Pine Labs Limited submitted a press release to BSE Limited and National Stock Exchange of India Limited on June 11, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was signed by Neerav Mehta, Company Secretary and Compliance Officer (Membership Number: A20949). BSE Scrip Code: 544606, NSE Symbol: PINELABS.
Product Launch Announcement
Pine Labs launched the Pine Labs Payment Protocol (P3P), India's first agentic payment protocol built on UPI. This represents India's first autonomous agentic payment solution that enables AI agents to complete UPI payments without human authentication, eliminating the need for MPIN or human approval at the payment stage.
Technical Implementation
The protocol extends UPI's existing mandate framework (including UPI One Time Mandates and Reserve Pay) to payments triggered by AI agents. The consumer authorizes once upfront, after which the agent can browse, select, negotiate, and pay without interruption. P3P integrates with Grantex for verifiable identity, delegated authorization, spend controls, and auditability, and uses HTTP 402 as an open web standard for machine-readable payment requests. The system includes built-in compliance controls where no guardrails mean no payment.
Market Context and Scale
UPI processes over 23 billion transactions monthly (NPCI, May 2026 data). The global agentic commerce market is projected to reach $65.47 billion by 2033, growing at a CAGR of 35.7% (Grand View Research, 2025). India is positioned to lead this growth with its rising UPI user base and P3P implementation.
Live Deployment
Gullak, India's leading digital gold savings platform, is live on P3P today. The platform allows users to set rules like "Buy ₹500 of gold if the price drops below ₹16,000 per gram" with a single UPI mandate approval.
Additional Partnerships
Vijay Sales, an electronics retail chain with over 150 stores nationwide, is in active proof of concept with P3P for enabling AI agents to secure products when they hit target prices.
Future Expansion
P3P is currently live on UPI, with Pine Labs working with major card networks to extend the protocol's mandate-based authorization to card transactions, aiming to make P3P the payment foundation for all agentic commerce in India.
Company Background
Pine Labs Limited is a technology company digitizing commerce through digital payments and issuing solutions in India and international markets including Malaysia, Philippines, UAE, Singapore, Australia, USA, and Africa.