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October 21, 2019
New Delhi, October 21, 2019 - Pine Labs, a merchant-focussed company, today announced its plans to further strengthen its Equated Monthly Instalment (EMI) business. The company also announced a new addition in its ecosystem of bank partners with the strategic alliance with State Bank of India (SBI), India’s largest bank with over 15,000 branches and 300+ million debit cards. This partnership will enable SBI to extend EMI facility to its existing debit card customers via Pine Labs' point-of-sale (POS) machines at 40,000+ merchants and stores in 1,500+ cities.
Pine Labs had entered a similar alliance last month with Federal Bank, a leading private sector bank. The alliance was aimed at enabling 5.7 million1 Federal Bank debit card holders to avail EMI at the Pine Labs terminals, instantly. It had also recently partnered with Bank of Baroda to offer EMI to the bank’s debit card holders.
Speaking on the association, Venkat Paruchuri, Chief Product Officer, Pine Labs said, “EMI as a category is growing exponentially for Pine Labs. Today, Pine Labs enables equated monthly instalment (EMI) offering for over 35 million eligible debit card holders and over 45 million credit card holders. The affordability offering not only appeals to the shoppers from a convenience and affordability standpoint, but also helps merchants convert store walk-ins to sales and increase ticket size. We will continue to strengthen the debit card EMI proposition by adding more issuers in the near future.”
Over the years, Pine Labs has built a network of over 90 brands and 19 banks and financial services organizations that empower EMI transactions for customers. Today, Pine Labs enables EMI facility via credit and debit cards for over 85,000 merchants across 120,000 stores in India.
1 Source: RBI Data for May 2019
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 www.pinelabs.com