Zest Money Partners With Pine Labs To Tap On Potential Credit Market
New-to-credit customers get instant credit, alongside inaugural offer offered of 0% interest on the purchase of any product for 3-month tenure scheme
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The consumer lending Fintech company, Zest Money has partnered with Pine Labs, one of the leading merchant commerce platforms in Asia, to provide EMI (Equated Monthly Installment) at the point-of-sale. With the in-store digital EMI options offered to customers through the Pine Labs’ Plutus and Plutus Smart point of sale (PoS) devices, the Zest Money EMI is said to be available across 20,000 outlets in 100 cities in the next 12 months.
The development has happened a day after Pine Labs has appointed the new CEO Amrish Rau, formed Head of PayU India. For the initial time-bound offer, a zero per cent interest EMIs will be provided on the purchases of any products for a three-month tenure. Besides, the partnership is working with the manufacturers across mobile, consumer durables and laptop categories to bring EMIs with 3, 6, 9, and 12 months tenure.
What are the benefits of the development to customers?
The first-time credit seekers who do not have a credit or debit card have the opportunity to make purchases at offline stores and avail EMI. Using the Zest Money’s credit risk and disbursement criteria, Pine Labs’ cloud-based software platform can enable instant credit disbursal.
Given 22 million Indian consumers applying for new credit opportunities each month, it is understood that a huge portion of the credit market in India is untapped. The challenge of credit disbursement companies is to tap on the potential through customizing product construct and catering to the increased demands and expectations of consumers.