Chennai: Pine Labs, a merchant platform company, announced that it now successfully enables equated monthly instalment (EMI) offering via credit and debit cards for 85,000 merchants across 120,000 stores in India. Pine Labs has built a network of over 90 brands and 19 banks and financial services organizations that power EMI transactions for customers.
Kush Mehra, Chief Business Officer, Pine Labs said, “Our credit card and debit card EMI has enhanced the purchasing power for millions of customers. Pine Labs is enabling debit EMI alone for over 30 million consumers today. In addition, we enable EMI on credit cards for millions of customers.”
Mehra added, “Debit EMI offering business has grown over 500% in April-June 2019, fuelled by a special campaign we and our partners ran for Air Conditioners. We want to partner with other industry segments such as furniture and home decor, sport fitness and outdoors, education, healthcare and automobiles to help customers avail easy affordability solutions.”
Pine Labs’ affordability solutions leverage its cloud-based merchant technology platform to provide instant EMI offers for credit and debit card holders.
Pine Labs has recently signed a memorandum of understanding (MoU) with Bank of Baroda for instant EMI for millions of debit card holders of the bank. Pine Labs already powers debit EMI for Axis Bank, ICICI Bank, SBI and HDFC Bank customers.