Pine Labs Announces Strategic Alliance With SBI
Pine Labs had entered a similar alliance last month with Federal Bank, a leading private sector bank.
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Pine Labs, a merchant-focussed company, today announced its plans to further strengthen its Equated Monthly Instalment (EMI) business. The company also announced a new addition in its ecosystem of bank partners with the strategic alliance with State Bank of India (SBI), India’s largest bank with over 15,000 branches and more than 300 million debit cards. This partnership will enable SBI to extend the EMI facility to its existing debit card customers via Pine Labs' point-of-sale (POS) machines at more than 40,000 merchants and stores in more than 1,500 cities.
Pine Labs had entered a similar alliance last month with Federal Bank, a leading private sector bank. The alliance was aimed at enabling 5.7 million1 Federal Bank debit cardholders to avail EMI at the Pine Labs terminals, instantly. It had also recently partnered with Bank of Baroda to offer EMI to the bank’s debit cardholders.
Speaking on the association, Venkat Paruchuri, Chief Product Officer, Pine Labs said, “EMI as a category is growing exponentially for Pine Labs. Today, Pine Labs enables equated monthly instalment (EMI) offering for over 35 million eligible debit cardholders and over 45 million credit cardholders. The affordability offering not only appeals to the shoppers from a convenience and affordability standpoint but also helps merchants convert store walk-ins to sales and increase ticket size. We will continue to strengthen the debit card EMI proposition by adding more issuers in the near future.”
Over the years, Pine Labs has built a network of over 90 brands and 19 banks and financial services organizations that empower EMI transactions for customers. Today, Pine Labs enables EMI facility via credit and debit cards for over 85,000 merchants across 120,000 stores in India.