This partnership will allow first-time credit seekers who do not have a credit or debit card to make purchases at offline stores and avail of EMI.
Pine Labs has partnered with ZestMoney to provide in-store digital Equated Monthly Instalment (EMI) options to customers through Pine Labs’ Plutus and Plutus Smart point of sale (PoS) devices. 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, Venkat Paruchuri, Chief Product Officer, Pine Labs 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.”
As an inaugural time-bound offer, ZestMoney will provide 0% interest EMIs on the purchase of any product for a three-month tenure. Apart from the inaugural offer, Pine Labs and ZestMoney are also working with manufacturers across mobile, consumer durables and laptop categories to bring EMIs with 3, 6, 9, and 12 months tenure.
This partnership will allow first-time credit seekers who do not have a credit or debit card to make purchases at offline stores and avail of EMI. Pine Labs’ cloud-based software platform can enable instant credit disbursal using ZestMoney’s credit risk and disbursement criteria.
