Pine Labs claims to have witnessed 500% growth on card EMIs

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Kush Mehra, CBO, Pine Labs

With aim to strengthen its position in the consumer credit space, business to business (B2B) payments facilitator and a leading FinTech company Pine Labs today said that it has scaled up its  technology network offering EMI solutions on credit and debit cards to 85,000 merchants and consumers across 120,000 stores in India.

Pine Labs claims to be the first one to launch debit EMI (equated monthly instalment) for merchants and consumers last year and has already grown over 500 per cent in April-June 2019 period on back of campaigns done to attract customers on various products related to the summer season.

The Indian company, incorporated in Singapore, has aggregated over 90 brands and 19 banks and financial services organizations that power EMI transactions for customers.

Kush Mehra, Chief Business Officer, Pine Labs said, “Our credit card and debit card EMI has enhanced the purchasing power for millions of customers. Pine Labs is enabling debit EMI alone for over 30 million consumers today. In addition, we enable EMI on credit cards for millions of customers.”

Mehra further added that the company wants to partner with other industry segments such as furniture and home décor, sport fitness and outdoors, education, healthcare and automobiles to help customers avail easy affordability solutions.

According to Pine Labs,  the retail loans, In the last five years, have grown at a compounded annual rate of  16 per cent on back of growing aspirations of the Indian middle class population. However, the are not many affordable solutions available for the customers to opt credit at lower interest rate in a faster and convenient way. Besides, not many can avail such loans as they do not have credit or debit cards.

Mehra said that the consumer finance industry in India continues to be driven primarily by the urban demographic, a case in point being the EMI which is largely limited to urban Tier 1 credit card consumer. While the thrust to migrate towards digital payments has led to increase in number of debit cards under circulation (~90% of total payment cards under circulation), only 10% of the population has access to formal borrowing and hence Pine Labs’ affordability solutions can leverage its cloud-based merchant technology platform to solve this problem.

The company had introduced an affordability solution – EMI on payment cards – an industry first initiative across top 14 issuers with more than 38 million customers. It was the first to offer an EMI-on-Debit for in-store purchase and currently has ~85% market share in the brand-based EMI.

The company has signed a memorandum of understanding (MoU) with Bank of Baroda for instant EMI for millions of debit card holders of the bank and already powers debit EMI for Axis Bank, ICICI Bank, SBI and HDFC Bank customers.


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