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Pine Labs, a merchant-focused company, is betting big on Equated Monthly Installments (EMI) space, roping in State Bank of India (SBI) as its latest bank partner to enable the bank’s customers avail debit card based EMIs through its Point-of-Sales (PoS) terminals.
This strategic alliance will enable SBI to extend EMI facility to its existing debit card customers via Pine Labs' POS machines at 40,000+ merchants and stores in 1,500+ cities.
It may be recalled that Pine Labs had last month entered into a similar alliance with Federal Bank, a private sector bank.
The alliance was aimed at enabling 5.7 million Federal Bank debit card holders to avail EMI at the Pine Labs terminals, instantly. It had also, recently, partnered with Bank of Baroda to offer EMI to the bank’s debit card holders.
Commenting on the tie-up with SBI, Venkat Paruchuri, Chief Product Officer, Pine Labs said, “EMI as a category is growing exponentially for Pine Labs. Today, Pine Labs enables EMI offering for over 35 million eligible debit card holders and over 45 million credit card holders”.
The offering not only appeals to the shoppers from a convenience and affordability standpoint, but also helps merchants convert store walk-ins to sales and increase ticket size. “We will continue to strengthen the debit card EMI proposition by adding more issuers in the near future”, he said.
Over the years, Pine Labs has built a network of over 90 brands and 19 banks and financial services organizations that empower EMI transactions for customers. As on date, Pine Labs enables EMI facility via credit and debit cards for over 85,000 merchants across 1,20,000 stores in India.
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