Pine Labs launches Credit+ to enable brands to quickly roll out credit card schemes

Indian fintech unicorn Pine Labs has launched Credit+, a new platform aimed at transforming credit issuance for banks, fintechs, and large merchants. 

The launch marks Pine Labs' first venture into the Indian credit market. While announcing the launch, CEO Amrish Rau highlighted the recent growth in credit cards from about 80 million in January 2023 to nearly 95 million in October 2023.

What will Credit+ offer?

Credit+ is designed as a comprehensive credit issuance stack, facilitating various aspects of credit programs. The fintech unicorn said it offers capabilities like credit program management, co-branded credit card launches, and rewards and loyalty management.

The platform also supports embedded credit offerings for online merchants. It has partnered with major card networks like Mastercard and Visa and plans to include Amex and RuPay.

Aiming to reduce reliance on offline POS

Pine Labs is diversifying its revenue streams to reduce reliance on offline point-of-sale operations to less than 50%. The company said the strategy includes global expansion, with the company already having a presence in five Southeast Asian countries and the UAE.

It also plans to introduce services like gift card issuing and QR code payment services in the US and European markets.

Enhancing credit accessibility 

Credit+ is set to revolutionize the credit sector by addressing the needs of a growing credit card ecosystem and other digital credit forms like EMI options and personal loans, the statement said.

The platform aims to cater to the increasing demand for personalized rewards and loyalty programs. The integration of RuPay and credit on UPI is expected to boost the credit ecosystem significantly, it added.

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