Pine Labs, a merchant focussed company, has entered into a strategic alliance with public lender Federal Bank, to offer equated monthly instalments (EMIs)on debit card-based offline transactions to all the bank’s customers.
The objective of this partnership is to offer the affordability solution to debit card holders of Federal Bank, through POS based EMI solutions. It will enable 5.7 million Federal Bank debit card holders to swiftly avail loan on EMI at the Pine Labs terminals.
Paruchuri, Chief Product Officer, Pine Labs 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.”
Nilufer Mullanfiroze, Senior Vice President & Country Head-Retail Assets & Cards, Federal Bank said, “Our endeavour is to offer customer-centric digital solutions to our customers, backed by analytics and technology. 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.”