Qwikcilver & Pine Labs Merger Announcement

Pine Labs and Qwikcilver Merger Announcement

Dear Valued Customer,

Warm Greetings to you!
At the outset, we thank you for your patronage of our Qwikcilver product suite and services. We are delighted to be associated with your organisation and will continue to work closely to scale your customer engagement initiatives across Open Loop, Prepaid, Gift Card and other stored value programs.
As informed earlier, in order to further enhance our services and create value holistically for our customers, Qwikcilver Solutions Private Limited (Qwikcilver) and its parent, Pine Labs Private Limited (Pine Labs) decided to consolidate into a single legal entity in India.
Our application for this merger has been approved and subsequently, Qwikcilver Solutions Private Limited (Qwikcilver) and its parent, Pine Labs Private Limited (Pine Labs) are now consolidated into one legal entity in India. As a result, Pine Labs will succeed the regulatory obligations of Qwikcilver in India.
Please be assured that our Qwikcilver technology product platform & all our services being used for your programs deployed in the markets would continue as it is.
We look forward to strengthening our relationship and continued mutual growth.
Thank You!
Team Qwikcilver

FAQ: Processing Enterprises and Corporate Customers/Resellers

  1. What happens to our contracts and agreements?
    All agreements/contracts will be novated to Pine Labs Pvt Ltd. (PL). There will be no change in any of the agreements/ contracts or any of the conditions in the agreement.
  2. Is there a need to do onboarding & KYC again?
    No onboarding / KYC is required to be done again for existing customers.
  3. Is there a change in Bank accounts?
    Right now, we are not expecting any change in the bank account numbers etc except that these all will be named as PL once the NCLT order is effective. If any other direction received from the NCLT, we will inform the customers accordingly.
  4. How would the API, SVC and linked accounts work?
    API will not change. In usual course, there will be no change in SVC and linked / virtual account however if due to NCLT order we need to close the QC Account, we need to issue new virtual accounts and remapping to be done with the SVC.s It will be one time activity. This activity will be completed after receipt of the NCLT order only.
  5. Is there any change in platform, solution offered, integration etc?
    No changes.
  6. Is there a change in support or operational structure?
    No change.
  7. Would Vendor onboarding be required to be done again in vendors system?
    If required, we will provide the relevant documents for this. This will be taken up once we get the NCLT order.
  8. What happens to Qwikcilver Branding? Is there any change expected from “Powered by Qwikcilver” to “Powered by Pine Labs”?
    There will be no change in the Qwikcilver branding. All gift card programs will continue to use “Powered by Qwikcilver”.
  9. Would Qwikcilver customers need to use the Pine Labs branding in their communication?
    This usage will be in line with the Pine Labs branding guidelines. If there are any such requirements, they can be referred to the Marketing team for due clearance of the logos and usage norms.
  10. Would we have to inform our Closed Loop Gift Card customers & beneficiaries of this merger?
    There is no statutory requirement for this. The Gift Card owners and beneficiaries would not be impacted regarding redemption, expiry, reloads etc.

FAQ: Semi Closed Loop Prepaid Instruments Issued by Qwikcilver
through Resellers/Distributors/Channel Partners

  1. Will the issuers details change from Qwikcilver Solutions to Pine Labs after this merger?
    Yes, after the merger all semi closed loop PPIs will be issued by Pine Labs. Issuer details to be changed post the merger order issued by NCLT.
  2. Will the T & C needs to be updated to reflect new issuer details?
    Yes, all T & C will have to be updated once the merger order passed by NCLT to reflect new issuer details i.e. Pine Labs.
  3. Will there be any change in the features of the SCLP Gift Cards once the issuer changes?
    No, there will not be any changes in any feature of the SCLP Gift Cards during or after the merger.
  4. Will there be any disruption in settlement during or after merger?
    No, we do not foresee disruption in settlement from escrow account to merchants during or after merger.