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Pine Labs, a merchant-focussed company, has entered into a strategic alliance with Federal Bank, a private sector bank, to offer equated monthly instalments (EMIs) on debit card-based offline transactions to the bank’s customers.
Affordability factor
The objective of this association is to provide an affordable alternative to debit card holders of Federal Bank by way of PoS-based EMI solutions.
It will allow 57 lakh debit card holders of Federal Bank to instantly avail loans on EMI at the Pine Labs terminals.
Speaking on the tie-up, Venkat Paruchuri, Chief Product Officer, Pine Labs, said: “We are excited about partnering with Federal Bank to offer instant EMI for their debit card customers with the help of our cloud-based merchant payment platform that powers this quick, safe, and seamless digital experience.
“We hope that we will together build more innovative technology solutions to cater to the requirements of the diverse customer base, in the future.”
Nilufer Mullanfiroze, Senior Vice-President and Country Head, Retail Assets and Cards, Federal Bank, said: “Our endeavour is to offer customer-centric digital solutions to our customers, backed by analytics and technology. In line with our guiding principle to be ‘digital at the fore, human at the core’, we are happy to partner with Pine Labs to offer instant EMI on debit cards to our customers. This initiative will provide the convenience of credit and EMI to debit card users in a hassle-free manner.”
Today, Pine Labs enables equated monthly instalment (EMI) offering via credit and debit cards for 85,000 merchants across 1.2 lakh stores in India.
Last month, Pine Labs signed an MoU with Bank of Baroda for instant EMI for millions of debit card holders of the bank. It already powers debit EMI for Axis Bank, ICICI Bank, SBI, and HDFC Bank customers.
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