Leading merchant commerce platform, Pine Labs today announced it has partnered with Home Credit India which is part of the Home Credit Group, a leading consumer finance company with operations in nine countries. This partnership will enable access of instant Equated Monthly Installment (EMI) purchase option to millions of HC customers on Pine Labs PoS terminals pan India. Even for shoppers who are not the customers of Home Credit, merchants can provide them with a QR to scan and digitally onboard them in less than 5 minutes.
Initially, the program will be launched across 18,000 stores and for purchase of electronics, home appliances, and mobile phones. More stores and newer categories will be added subsequently. A special introductory offer will also be extended wherein, new customers availing EMI-financing through Home Credit’s Ujjwal (EMI) Card will receive a flat 5% cashback on product price.
The paperless, no-cost EMI options are fast-emerging as an enticing selling proposition for merchants who can in just a few taps of Pine Labs’ smart Android PoS terminal convert a regular purchase into 3, 6, 9, 12 months EMI options at no additional cost to the consumer.
“Home Credit Group is a trustworthy name in consumer finance across the globe and today we are thrilled to partner Home Credit India which has a consumer base of more than 1 crore since entering the Indian market in 2012. Our joint offering will bring more customers under the growing Buy Now Pay Later EMI category and help merchants in India drive sales through easy to avail and quick EMI offers during checkout using Pine Labs’ PoS terminals,” said Mayur Mulani – Business Leader – Pay Later, Pine Labs.
Commenting on the partnership, Ankush Khosla, Chief Sales Officer, Home Credit India, said, “We are delighted to have a leading player like Pine Labs, as our partner, to support and strengthen Home Credit’s drive for democratizing affordable consumer credit. We have always believed in delivering trusted financial products & services, responsibly and in today’s post-Covid Digital world, this partnership, reiterates our commitment to customers for an omnichannel connection with our products & services and meet customer needs by growing our partner network.”
With the COVID-led disruptions, Home Credit has embraced digital transformation well, by digitising all the offering and services end-to-end, as both their customers and merchants/retail partners can do seamless onboarding at the point of sale or anywhere via app or website. As part of their bouquet of digital loan products introduced in last two years, the digital Ujjwal EMI Card, offering instant pre-set credit limit to customers was launched in late 2020.
Pine Labs is scaling its issuer network and currently has more than 30 issuers including India’s leading banks and non-banking financial companies offering EMI purchase options via Pine Labs’ Android PoS terminals which are available across leading stores in India. This powerful tech stack empowers merchants to sell more, sell often to their customers seeking affordable purchase options at the checkout in a seamless, easy, and quick manner.
