Home Credit India (HCI), a local arm of the global consumer finance company, is partnering with Pine Labs, which works with payments and merchant commerce, according to a report.
This will improve access to Digital Equivalent Monthly Installment (EMI) financing options of the Home Credit Ujjwal Card, which will provide service at Pine Labs POS terminals across India.
The platform will allow Home Credit India to be integrated with these terminals and offer omnichannel connections.
This will provide more outlets where customers can transact and increase Ujjwal EMI card acceptance, as well as potential customer acquisition for HCI with Pine Labs.
HCI will aim for customer loyalty, giving customers greater access to large outlet networks.
The report notes that EMI options are growing in popularity as an attractive selling proposition for traders who can convert a regular buy into 3, 6, 9 or 12 month EMI options.
The first phase will see Ujjwal EMI available in 18,000 stores with an introductory offer of 5% fixed cashback on mobile purchases, consumer electronics and more.
“Our joint offering will attract more customers to the growing Buy Now, Pay Later category and help merchants drive sales through easy-to-use, fast-to-checkout EMI offers,” said Mayur Mulani, Chief Executive Officer. business of Pay Later at Pine Labs.
Mulani added that Home Credit is “positioned differently in how it extends credit to a new customer to be credited or to a customer who doesn’t have a card or is unsubscribed.”
“The analytical skills they bring to the table to underwrite a client on the fly is something we were looking for,” Mulani said.
Pine Labs is an Indian trading platform dating back to 1998.
PYMNTS wrote that earlier this year, Pine Labs reportedly bought Setu, an API infrastructure company, for over $70 million.
Related: FinTech Unicorn Pine Labs may acquire Bangalore-based Setu