Leading merchant commerce omnichannel platform, Pine Labs today announced that it has entered the wearables segment in the consumer electronics category. Shoppers in India can now purchase wearable devices of select brands on a Buy Now Pay Later arrangement using Pine Labs’ PoS terminals. Top brands offering their wearable products under the Pine Labs Pay Later EMI option include Fire-Boltt and PLAY.
Watch-based wearables are today the fastest-growing category in wearables, having grown significantly with total shipments reaching 6.4 million units in April-June 2022, achieving a growth of 298.4 per cent YoY as per data released by the International Data Corporation (IDC).
Commenting on the announcement, Mayur Mulani, Business Leader – Pay Later, Pine Labs, said “We are delighted to add another flourishing retail category to our growing Pay Later portfolio. Young and fitness-focused generation in India is driving the demand for smart watches and they are relying on smart EMI offers on these wearables to meet their needs. Wearables has seen significant growth in India in recent years and our merchant partners can now offer digital Pay Later options to shoppers and drive sales in the process. With the ongoing festive season, this would definitely send some cheers among our retail merchant community pan India.”
“Every year, our retail partners witness an incredible spike in sales during the festive season in India. This strategic tie-up with leading merchant commerce platform Pine Labs will help us reach out to those shoppers who are looking for instant EMI purchase options at the retail store to buy our quality wearable devices. India’s young consumers and its rising aspirational middle-class has an eye for fitness products and is looking for affordable ways to purchase them. Together with Pine Labs we will give merchants another avenue to sell more and sell fast in this much-awaited period of growth,” said Arnav Kishore, Founder & CEO, Fire-Boltt.
Today, India tops world ranking in future intent to use ‘Buy Now Pay Later’, as per a report titled ‘The Future of Financial Services’ by YouGov. Pine Labs merchants are in an advantageous position as it offers a growing network of leading banks and brands on its Pay Later platform. The company has built a robust and secure tech stack on its Android-powered PoS terminals which ensures paperless Pay Later debit and credit card EMI transactions are validated and processed within seconds.
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