Noida-based merchant commerce platform Pine Labs today announced it has partnered with OneCard, India's first exclusive mobile-based credit card firm, to extend its equated monthly installments (EMI) offering to all OneCard credit cardholders.
OneCard customers will now be able to avail interest-free EMI option on their credit card for all mid and high-value purchases made at Pine Labs PoS terminals across the country, the company said in a statement.
The partnership is aimed to target the tech-savvy population serviced by OneCard, while OneCard aims to intuitively solve the problem of short-term liquidity without burdening its customers with high-interest fees.
The integration of its EMI option is being rolled out at Pine Labs’ merchant partner outlets pan India, this will allow OneCard's credit cardholders to avail the EMI offering across more than 2.7 lakh Pine Labs PoS terminals in the country. For instance: the users can use this facility across pan India outlets of leading retailers like Reliance Digital, Vijay Sales, and Infiniti Retail, to name a few.
“With the festive season in India fast approaching, we are delighted to now expanding the scope of our EMI proposition to OneCard customers," Kush Mehra, Chief Business Officer, Pine Labs, said. This association with FPL will add more shoppers to the thriving interest-free EMI ecosystem we have on Pine Labs PoS terminals and give more customers the option to convert their regular purchases into interest-free EMIs in a matter of seconds," he adds.
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadyay, Pine Labs was initially launched as card-based payments and loyalty solutions provider for the retail petroleum industry. Over the past few years, the company has transformed its business to other segments, providing a mobile point of sale solutions that allow merchants to accept credit and debit card payments.
The company claims that it powers more than 30 different credit issuers and NBFCs on its Android PoS terminals. Whereas OneCard offers its customers reward points on EMI transactions, ability to pay the EMIs with these points, and an intuitive dashboard to track all transactions.
“Pine Labs is one of the leading players offering the EMI facility and we are delighted to partner with them to offer our customers some of the best EMI options across both online and offline stores," Vibhav Hathi, Co-founder & CMO, OneCard, said.
"Our partnership just ahead of the festive season will enable customers to enjoy hassle-free shopping through smart, easy and affordable installments with just a swipe of their card," Vibhav adds.
OneCard, which is headquartered in Pune, is a mobile-first credit card created by FPL Technologies in partnership with banks, is aiming to digitally revolutionize credit and payments in India. The startup also offers the OneCard app, through which users can control all the aspects of their credit card. For instance: Credit cardholders can lock the card, enabling offline-online and domestic-international transactions. Additionally, the app allows cardholders to view their credit card spends, rewards, EMI, limits, payments, etc.
Last week, Pine Labs had announced the partnership with Atome in Malaysia to enable affordable shopping options to customers in that region. The company said that it is expanding its installment payment offerings to international markets.
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