Pine Labs partners with Kotak Mahindra Bank to enable EMIs on Kotak Debit Cards
New Delhi: Pine Labs, one of India’s largest merchant-focused companiesand Kotak Mahindra Bank (Kotak)today announced a tie-up to enable EMI payments via Kotak Debit Cards. This arrangementenablesover 10 millioneligible Kotak debit card customers to pay for their purchases in easy instalmentsvia the Pine Labs POS terminals.
Pine Labs has a network of over 150,000 merchants across India. It will be a win-win proposition for both consumers and merchantsas EMIs extend the power of affordability to consumers.
Venkat Paruchuri, Chief Product Officer, Pine Labs said, “EMI continues to be one of our key growth engines. Our EMI business registered a 179% Y-o-Y growth in October 2019.During the recent festive season, EMI-led transactions grewby 300% during Diwali daysaloneas against other days.Over the last year, debit card EMIsis being increasingly preferred by consumers.We are really excited to forge this alliance with Kotak Mahindra Bank for their debit card customers and look forward to taking our affordability product to millions of new customers. This also helps merchant partners increase their turnover and revenue. Thus, the entire value chain of the Indian consumer market is a winner.”
Ambuj Chandna, Senior Executive Vice President & Head – Consumer Assets, Kotak Mahindra Bank said, “We are a consumer-focused bank, growing our retail loan book at a robust rate year-on-year.Our emphasis on providing affordable, flexible and easy EMI options on a range of products gives our customers the power to fulfil their dreams – be it buying a home, the latest electronics or going on a holiday. By extending our EMI offering to debit cards, our customers can now seamlessly break their high-value purchases into affordable instalments at no extra cost with just a swipe of their Kotak Debit Card. We are pleased to announce a tie-up with Pine Labs, which gives our customers a wide network of new merchants for our EMIs on Debit Card offering.”
The minimum purchase value to avail EMIs on Kotak Debit Cards facility is Rs. 8,000 and customers have the flexibility to repay the loan over a tenure of 3 months to 12 months. To begin with, EMIs on Kotak Debit Cards is available on consumer electronic and mobile phone categories and will later be extended to fashion as well as medical cosmetology products. To avail this facility, all an eligible Kotak customer has to do is ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenureand swipe his/her Kotak debit card to complete the purchase.