Money & Banking

Pine Labs partners with Kotak Mahindra Bank to enable EMIs on Kotak debit cards

K.R.Srivats New Delhi | Updated on December 23, 2019 Published on December 23, 2019

Pine Labs, a merchant platform company, and Kotak Mahindra Bank have tied-up to enable Equated Monthly Instalments (EMI) payments on Kotak Debit Cards.

This arrangement enables over 10 million eligible Kotak debit card customers to pay for their purchases in easy instalments through the Pine Labs POS terminals.

Pine Labs has a network of over 150,000 merchants across India. It will be a win-win proposition for both consumers and merchants as EMIs extend the power of affordability to consumers.

Venkat Paruchuri, Chief Product Officer, Pine Labs said, “EMI continues to be one of our key growth engines. Our EMI business registered a 179 per cent Y-o-Y growth in October 2019. During the recent festive season, EMI-led transactions grew by 300 per cent during Diwali days alone as against other days”.

Ambuj Chandna, Senior Executive Vice President & Head – Consumer Assets, Kotak Mahindra Bank said, We are pleased to announce a tie-up with Pine Labs, which gives our customers a wide network of new merchants for our EMIs on Debit Card offering.”

Over the last year, debit card EMIs is being increasingly preferred by consumers. “We are really excited to forge this alliance with Kotak Mahindra Bank for their debit card customers and look forward to taking our affordability product to millions of new customers. This also helps merchant partners increase their turnover and revenue. Thus, the entire value chain of the Indian consumer market is a winner,” Paruchuri said.

The minimum purchase value to avail EMIs on Kotak Debit Cards facility is Rs 8,000 and customers have the flexibility to repay the loan over a tenure of 3 months to 12 months. To begin with, EMIs on Kotak Debit Cards is available on consumer electronic and mobile phone categories and will later be extended to fashion as well as medical cosmetology products.

To avail this facility, all an eligible Kotak customer has to do is ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure and swipe his/her Kotak debit card to complete the purchase.

Published on December 23, 2019
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