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April 11, 2022
Initially, the program will be launched across 18,000 stores and for purchase of electronics, home appliances, and mobile phones. More stores and newer categories will be added subsequently. A special introductory offer will also be extended wherein, new customers availing EMI-financing through Home Credit’s Ujjwal (EMI) Card will receive a flat 5% cashback* on product price.
The paperless, no-cost EMI options are fast-emerging as an enticing selling proposition for merchants who can in just a few taps of Pine Labs’ smart Android PoS terminal convert a regular purchase into 3, 6, 9, 12 months EMI options at no additional cost to the consumer.
“Home Credit Group is a trustworthy name in consumer finance across the globe and today we are thrilled to partner Home Credit India which has a consumer base of more than 1 crore since entering the Indian market in 2012. Our joint offering will bring more customers under the growing Buy Now Pay Later EMI category and help merchants in India drive sales through easy to avail and quick EMI offers during checkout using Pine Labs’ PoS terminals,” said Mayur Mulani – Business Leader – Pay Later, Pine Labs.
Commenting on the partnership, Ankush Khosla, Chief Sales Officer, Home Credit India, said, “We are delighted to have a leading player like Pine Labs, as our partner, to support and strengthen Home Credit’s drive for democratizing affordable consumer credit. We have always believed in delivering trusted financial products & services, responsibly and in today’s post-Covid Digital world, this partnership, reiterates our commitment to customers for an omnichannel connection with our products & services and meet customer needs by growing our partner network.”
With the COVID-led disruptions, Home Credit has embraced digital transformation well, by digitising all the offering and services end-to-end, as both their customers and merchants/retail partners can do seamless onboarding at the point of sale or anywhere via app or website. As part of their bouquet of digital loan products introduced in last two years, the digital Ujjwal EMI Card, offering instant pre-set credit limit to customers was launched in late 2020.
Pine Labs is scaling its issuer network and currently has more than 30 issuers including India’s leading banks and non-banking financial companies offering EMI purchase options via Pine Labs’ Android PoS terminals which are available across leading stores in India. This powerful tech stack empowers merchants to sell more, sell often to their customers seeking affordable purchase options at the checkout in a seamless, easy, and quick manner.
*Terms and conditions apply
About Home Credit India
Home Credit India Finance Pvt. Ltd. is a local arm of the international consumer finance provider with operations spanning over Europe and Asia and committed to drive financial inclusion in India. The company is committed to drive credit penetration and financial inclusion by offering wide financial solutions that are simple, transparent, and accessible to all. Home Credit India has an employee base of over 7000 and has been consistently expanding operations since its entry in 2012, with its operations spread over 625 cities across India. The company has a strong network of around 53,000 points-of-sale (PoS) and is growing with a customer base of 13.2 million customers, driven by Pan-India expansion across major markets, a range of diversified and innovative products backed by superior customer experience. For more information, visit www.homecredit.co.in.
A leading merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company's leading cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.