Chennai: Pine Labs, a merchant platform company, announced that it now successfully enables equated monthly instalment (EMI) offering via credit and debit cards for 85,000 merchants across 120,000 stores in India.
Pine Labs said in a statement that it has built a network of over 90 brands and 19 banks and financial services organisations that power EMI transactions for customers.
Chief business officer, Pine Labs, Kush Mehra, said, “Our credit card and debit card EMI has enhanced the purchasing power for millions of customers. Pine Labs is enabling debit EMI alone for over 30 million consumers today. In addition, we enable EMI on credit cards for millions of customers.”
“Debit EMI offering business has grown over 500 per cent in April-June 2019, fuelled by a special campaign we and our partners ran for Air Conditioners. We want to partner with other industry segments such as furniture and home decor, sport fitness and outdoors, education, healthcare and automobiles to help customers avail easy affordability solutions,” Mehra added.