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COVID-19 not only has severe implications on health but also proven negative consequences on economies worldwide. Now, as we have come to address its impact, both small and large businesses are feeling the need to improve the customer journey and minimize physical contact. Pine Labs, as always strides ahead and has already introduced to its merchant partners a proposition that is both contactless and cashless, yet extremely safe and secure.
According to Government of India figures, India has emerged as one of the worst economies post COVID-19 lockdown as it shrunk to 7.5 per cent in the quarter ending September 20201. Almost 140 million people lost their jobs. Small businesses and medium-sized enterprises have been hit the hardest and most businesses are clueless on how to bring the customers back into stores.
At Pine Labs, we are empowering small and medium businesses in India to leverage fintech to their advantage. This video is a good example of how a neighborhood kirana store is using Android PoS terminals to its advantage.
How many times, have we put off buying things that we need (forget luxury) because we don't have sufficient liquidity or disposable funds. Or because if we buy something now, we have no clue how we are going to go through the entire month? The EMIs too aren't a practical idea because of high-interest rates.
Pine Labs Pay Later EMIs is a seamless plug-and-play model and a prime example of continual adaptation that drives growth and signifies resilience in these challenging times.
This proposition reinvents customers' journey through the sales funnel, nudges them deeper into it and culminates into the final purchase. The elimination of paying now in full offers the retail customers a way out to 'Buy Now' and don't give a second thought about the dent it might cause on their monthly budget. When customers understand that they can take the desired product home, without having to pay in full, at no-Cost EMIs- that leads to more purchases and even of big-ticket items. Besides, cashback and festive offers are the icing on the cake!
Pine Labs' Pay Later proposition does away with any dependency on credit card offers alone by offering the EMI option on debit cards as well.
By Sunil Param | on April 05, 2021
By Vinisha Kataria | on April 01, 2021