New Delhi, June 1, 2022 – Federal Bank, one of India’s leading Private Sector Banks, today announced the extension of its existing partnership with Pine Labs, a leading merchant commerce platform. Under this new arrangement, Credit Card holders of Federal Bank will now be able to avail of the benefits of ‘Buy Now Pay Later’ at any merchant store pan India, powered by Pine Labs PoS terminals. Customers who hold Federal Bank’s Credit Card can convert their regular in-store purchases into equated monthly instalments (EMIs) immediately.
“This is not the first time that we have partnered with Federal Bank. Our relationship has grown over the years. In 2019, we announced the activation of Debit Card EMIs on our PoS terminals for Federal Bank customers, and today we are elated to extend the offering to the credit card holders of this reputed Bank. With over 30 acquirers and issuers on a single Pine Labs PoS terminal, we are providing an unmatched experience to our merchant partners who can sell more and sell often to their customers through the Pay Later EMI proposition,” said Mayur Mulani, Business Leader, Pay Later, Pine Labs.
Shalini Warrier, Executive Director at Federal Bank, commenting on the partnership said “We are delighted to announce the extension of our valued partnership with Pine Labs. This capability would hugely benefit our Credit Card holders, providing them a seamless shopping experience at the point of purchase with the ability to convert their purchases to easy to pay instalments”.
Pine Labs has over 250,000 merchant relationships in more than 6,000 cities. With over 150 leading Pay Later brand partners, the company has strengthened its Pay Later ecosystem over the years and is also scaling this win-win Pay Later proposition for merchants and shoppers to Southeast Asia.
About Federal Bank Limited
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,282 branches and 1,885 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.29 Lakh Crore as on March 31, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.77% as on 31st March 2022. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
