Merchant commerce platform, Pine Labs, announced a strategic partnership with consumer lending fintech, ZestMoney. Pine Labs and ZestMoney will provide in-store digital Equated Monthly Instalment (EMI) options to customers through Pine Labs’ Plutus and Plutus Smart point of sale (PoS) devices.
The companies said, this offering is targeted at the new-to-credit customers. ZestMoney EMI on Pine Labs devices will be available across 20,000 outlets in 100 cities in the next 12 months.
Speaking about the partnership, chief product officer, Pine Labs, Venkat Paruchuri said, ‘Our initial focus will be on mobile, consumer durables and IT categories. We hope to extend instant credit facility to additional categories such as apparels and fashion, education, wellness and healthcare, and travel and tourism over time.’