Pine Labs, one of Asia’s leading merchant commerce platforms has partnered with OneCard, India’s first exclusive mobile-based credit card to extend its Equated Monthly Instalments (EMI) offering to all OneCard credit cardholders.
With this collaboration, OneCard credit cardholders will now be able to avail of interest-free EMI on their credit card for all their mid and high-value purchases made at Pine Labs PoS terminals across the country.
The collaboration will enable credit card customers of OneCard shopping at retail outlets powered by Pine Labs PoS terminals to seamlessly convert their purchase transactions into easy, no-interest monthly instalments.
With this partnership, Pine Labs is aiming 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 company said.
The EMI integration is being rolled out at Pine Labs’ merchant partner outlets pan India, where all OneCard credit cardholders will now be able to avail of the EMI offering across more than 2.7 lakh Pine Labs PoS terminals in the country.
The partnership will offer the EMI facility across pan India outlets of leading retailers namely Reliance Digital, Vijay Sales, and Infiniti Retail among others.
“Pine Labs powers more than 30 different credit issuers and NBFCs on its Android PoS terminals. OneCard offers its customers reward points on EMI transactions, the ability to pay the EMIs with these points, and an intuitive dashboard to track all transactions.
The coming together of both entities is expected to strengthen digital payments adoption in India, expand the EMI ecosystem to new customers, and enable merchants to sell more and sell often through a completely tech-enabled affordability solution”, the company added.
“With the festive season in India fast approaching, we are delighted to now expand the scope of our EMI proposition to OneCard customers.
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,” said Kush Mehra, Chief Business Officer, Pine Labs.
“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. With this partnership, our customers can avail enhanced flexibility while managing their cash flow through the choice of EMI payments.
Our partnership just ahead of the festive season will enable customers to enjoy hassle-free shopping through smart, easy and affordable instalments with just a swipe of their card,” said Vibhav Hathi, Co-founder & CMO, OneCard.
The company further explained that OneCard aims to digitally revolutionise credit and payments in India. The card will allow its users to control all aspects of OneCard from an app.
This includes locking the card, enabling offline and online transactions, enabling domestic and international transactions, and paying the bill. The OneCard app gives cardholders a view of their credit card spends, rewards, EMI, limits, payments, etc. FPL Technologies earlier launched OneScore in 2019, to empower people looking to monitor and manage their credit health in a simple and secure manner. The scoring platform is widely popular and has acquired more than 7 million users within just two years of its launch.
Pine Labs is expanding its instalment payment offering to international markets and recently partnered with Atome in Malaysia to enable affordable shopping options for customers in that region.
Earlier this month, as an extension of the Smart Banking solutions, SBM Bank India, one of the youngest universal banks, has collaborated with OneCard, to introduce a mobile-based credit card.