Merchant platform Pine Labs has entered into a new partnership to offer EMIs on debit card-based offline transactions to Federal Bank customers.
The service will enable Federal Bank cardholders to secure instant loan on EMI at Pine Labs POS terminals.
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Pine Labs chief product officer Venkat Paruchuri said: “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.”
Around 5.7 million Federal Bank debit card holders will be eligible for the service.
Federal Bank senior vice-president and country head of Retail Assets & Cards Nilufer Mullanfiroze said: “Our endeavour is to offer customer-centric digital solutions to our customers, backed by analytics and technology.
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By GlobalData“In line with our guiding principle of being ‘Digital at the fore, human at the core’, we are happy to partner with Pine Labs to offer instant EMI on debit cards to our customers.
“This initiative will provide the convenience of credit and EMI to debit card users, in the most hassle-free manner.”
Currently, Pine Labs enables EMI through credit and debit cards for 85,000 merchants in India. Last month, the company signed a similar agreement to offer instant EMI to Bank of Baroda debit card holders.
It also supports similar service for Axis Bank, ICICI Bank, SBI and HDFC Bank in the country.
