Press Release

July 06, 2020

94% retailers prefer digital self-serve EMI financing: Pine Labs and ZestMoney Survey

  • EMI financing witnessing massive demand from consumers

  • Survey reveals store representative-driven finance model less relevant in the post-COVID-19 world

  • 72% retailers were promoting EMI schemes at their outlet during the lockdown

Bengaluru, 6th July, 2020: ZestMoney, the fastest-growing AI-driven EMI financing platform in the country, and Pine Labs, one of Asia’s leading merchant commerce platforms, today released the findings from a merchant survey conducted recently where they quizzed retailers on EMI adoption post-COVID-19.

The survey, undertaken during the partial lockdown in May, reveals that, while EMI solutions are seeing a massive demand, traditional consumer financing models have come under severe stress. NBFCs have long relied on agents at stores to offer credit, but restrictions due to COVID-19 are making this model increasingly unattractive now.

By and large, the survey covered offline merchants dealing in electronics and consumer durables. Demand for electronics and household appliances continues to be high.

Here are some highlights of the merchant survey:

  • 94% of the surveyed merchants feel digital self-serve EMI solutions will help them in these difficult times

  • 72% of retailers were promoting EMI schemes during lockdown at outlets

  • 63% of the merchants were doing home deliveries from stores to boost demand

  • 85% of the merchants surveyed had finance executives from NBFCs at stores before lockdown

  • 60% of retailers say finance agents are not visiting their stores post lockdown

  • 90% of those surveyed are willing to assist customers in availing EMI options themselves

These findings suggest that, while 85% of the surveyed retailers had NBFC finance agents before the lockdown, most of them would prefer to not have them now. This opens a massive opportunity for credit/debit EMI options and fintech players in the ecosystem.

Apart from being contactless, the self-serve model will help free up space within stores and aid faster approvals for EMI financing.

Lizzie Chapman, Co-founder and CEO, ZestMoney said, “At a time when affordability is all the more crucial, people will turn to EMI financing to meet their needs. COVID has disrupted many traditional models, highlighting the need to go completely digital. In these challenging times, merchants are seeing the value of self-serve models to put their business back on track. At ZestMoney, our focus has always been to build a robust, fully automated tech platform to simplify the entire process for the consumer and merchant network. We hope to leverage our tech capabilities to help them adapt to this shift.”

B Amrish Rau, CEO, Pine Labs said, “At Pine Labs, we are working with some of the leading brands in the country and are providing affordable EMI solutions to their customers. We continue to create opportunities around the COVID-19 crisis and are enabling growth for small merchants and traders by providing installment payments even in these difficult times. Our association with ZestMoney will help us create new lending lines on top of our existing well-integrated cards platforms. It is also heartening to discover from the survey findings that 74% retailers were promoting EMI schemes during the lockdown.”

ZestMoney had entered into a strategic partnership with Pine Labs earlier this year to offer in-store digital EMI options to customers via their smart Point of Sale (PoS) devices. That offering was aimed at new-to-credit customers. ZestMoney EMI on Pine Labs devices will be accessible across 20,000 outlets in 100 cities by next year.


Founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015, ZestMoney is the largest and fastest-growing AI-driven EMI financing platform. The fintech company is built as a platform that can meaningfully improve the lives of more than 300 million households in the country, who currently have no access to credit cards or any other formal financing options because of insufficient credit history. ZestMoney’s unique platform uses mobile technology, digital banking and Artificial Intelligence to make life more affordable to millions of Indian consumers.

ZestMoney’s technology and continuing work to make affordable digital finance accessible to the masses led to their selection as a 2020 Technology Pioneer by the World Economic Forum.

To know more, please visit

About Pine Labs

Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit

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