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Bank of Baroda has entered into a Memorandum of Understanding (MoU) with Pine Labs to provide the affordability solution to debit card holders of the Bank by way of POS based EMI solutions , as well as to the merchant segment by way of Fintech lending solutions based on POS linked digital transactions.
“The partnership also entails leveraging wide spread presence of BoB, both domestic and overseas, and cutting edge digital payment solutions of Pine Labs,” BoB said in a statement.
“The partnership will help to deploy cost effective acceptance channels of Pine Labs for bringing larger merchant segment into the digital payment ecosystem,” it added.
According to the statement, the current market size of retail sales is estimated to be Rs. 2,30,000 crores, out of which around Rs 50,000 crore is under finance which provides a great opportunity for both the partners to further expand the bouquet of offerings through unique blend of technology and financial solutions.
PS Jayakumar, MD & CEO, Bank of Baroda said, “ In line with the objective of Digital India initiative, we are happy to partner with Pine Labs to enhance the digital affordability of customers through On-The-Fly EMI product, and for merchants through Lending @ POS product”
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