Federal Bank partners with Pine Labs to enable credit card EMIs

Federal Bank announced on Wednesday that it has extended its existing partnership with Pine Labs, a leading merchant commerce platform. Now, credit card holders of Federal Bank will be able to avail the benefits of 'Buy Now Pay Later' at any merchant store pan India, powered by Pine Labs PoS terminals.

Under this new arrangement, customers who hold Federal Bank's credit card can convert their regular in-store purchases into equated monthly instalments (EMIs) immediately.

Commenting on the announcement, Mayur Mulani, Business Leader, Pay Later, Pine Labs, said, "This is not the first time that we have partnered with Federal Bank. Our relationship has grown over the years. In 2019, we announced the activation of Debit Card EMIs on our PoS terminals for Federal Bank customers, and today we are elated to extend the offering to the credit card holders of this reputed Bank." 

"With over 30 acquirers and issuers on a single Pine Labs PoS terminal, we are providing an unmatched experience to our merchant partners who can sell more and sell often to their customers through the Pay Later EMI proposition," added Mulani. 

Shalini Warrier, Executive Director at Federal Bank, commenting on the partnership, said "We are delighted to announce the extension of our valued partnership with Pine Labs. This capability would hugely benefit our Credit Card holders, providing them a seamless shopping experience at the point of purchase with the ability to convert their purchases to easy to pay instalments". 

Currently, Pine Labs has over 250,000 merchant relationships in over 6,000 cities, explained the firm in an official statement. With over 150 leading Pay Later brand partners, the company has strengthened its "Pay Later" ecosystem over the years. The firm is also seeking to scale this win-win "Pay Later" proposition for merchants and shoppers in Southeast Asia.