Pine Labs, a merchant focused company, today announced that it has entered into a strategic alliance with Federal Bank, a leading private sector bank, to offer equated monthly installments (EMIs)on debit card-based offline transactions to all the bank's customers.
The objective of this association is to provide the affordability solution to debit card holders of Federal Bank, by way of POS based EMI solutions. It will allow 5.7 million Federal Bank debit card holders to instantly avail loan on EMI at the Pine Labs terminals.
Speaking on the association, 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 & Country Head-Retail Assets & 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 of being '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 the most hassle-free manner."
Today, Pine Labs enables equated monthly installment (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 empower EMI transactions for customers.Last month, Pine Labs signed a memorandum of understanding (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.