Pine Labs Strengthens its EMI Business with a Strategic Partnership with SBI
With an aim to further reinforce its Equated Monthly Instalment (EMI) business, Pine Labs, a leading merchant-focussed company announced a strategic alliance with State Bank of India (SBI) to extend EMI facility to its current debit card customers. The partnership will allow SBI to widen its EMI facility via Pine Lab’s point-of-scale (POS) machines at more than 40,000 merchants across over 1,500 cities.
Speaking about the partnership, Venkat Paruchuri, Chief Product Officer, Pine Labs, comments, “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”.
Last month, Pine Labs has entered an alliance with Federal Bank aiming at enabling 5.7 million Federal Bank debit card holders to gain EMI instantly at the Pine Labs terminals. Similarly, Pine Labs also partnered with Bank of Baroda to enable EMI to the bank’s debit card holders. Pine Labs has built a network of over 90 brands and 19 banks that empower EMI transactions for customers and enables the EMI facility for over 85,000 merchants across 120,000 stores in India.
Founded in 1998, Pine Labs offer a merchant platform that includes technology and financial solutions for mechants to aid them in increasing their revenue, reducing the cost and complexity of running business and managing the risks involved. Its technology platform power offline and online last-mile retail transactions, provide customer insights to merchants for targeted sales and offer risk-managed financial solutions for merchant’s business growth.