Pine LabsPine Labs, a merchant platform that accepts multiple modes of payments, on Monday entered into a strategic alliance with private-sector lender Federal Bank to offer equated monthly instalments (EMIs) on debit card-based offline transactions to all bank customers.

The alliance will provide an affordable solution to all Federal Bank debit card holders, via POS-based EMI solutions. It will allow 5.7 million Federal Bank debit card holders to instantly avail loan on EMI at the Pine Labs terminals, it said in a statement.

“We are excited about partnering with Federal Bank to offer instant EMI for their debit card customers with the help of our cloud-based merchant payment platform that powers this quick, safe and seamless digital experience. We hope that we will together build more innovative technology solutions to cater to the requirements of the diverse customer base, in the future,” said Venkat Paruchuri, Chief Product Officer, Pine Labs.

Pine Labs enables EMI service to credit and debit holders for about 85,000 merchants across 120,000 stores in India. Its investors include Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital and Sofina.

“Our endeavour is to offer customer-centric digital solutions to our customers, backed by analytics and technology… this initiative will provide the convenience of credit and EMI to debit card users, in the most hassle-free manner,” said Nilufer Mullanfiroze, Senior Vice President & Country Head-Retail Assets & Cards, Federal Bank.

In August, Pine Labs partnered with Bank of Baroda for instant EMI for debit card holders of the bank. It already powers debit EMI for Axis Bank, ICICI Bank, SBI and HDFC Bank customers.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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