Pine Labs partners with Home Credit India to strengthen Digital EMI lending options
- ByStartupStory | April 12, 2022
Home Credit India, a local branch of the multinational consumer financing provider, announced its partnership with Pine Labs, the leading merchant commerce platform, on Monday, as part of its continuous focus on a “Digital-first” strategy for retail lending. This agreement will improve Home Credit India’s retail network and provide millions of Home Credit clients with access to the Ujjwal card’s digital EMI-financing alternatives through Pine Labs PoS terminals across India.
Even for first-time Home Credit customers, retailers will make a digital onboarding process that takes less than five minutes. The digital Ujjwal EMI card will be available at 18,000 retailers across India at first and will be used to purchase electronics, home appliances, and mobile phones. Following that, more retailers and categories will be added. A unique introductory offer is also being offered, in which new customers who use Home Credit’s Ujjwal (EMI) card to obtain EMI financing will earn a flat 5% cashback on the product price.
Home Credit India Finance Private Limited consumers would have a new channel or huge PoS network to use Home Credit’s paperless EMI financing, powered by the Ujjwal EMI card, as a result of our partnership with Pine Labs. Home Credit’s customer base will grow as a result of this agreement since new customers will be acquired through Ujjwal card membership.
With the Covid-driven disruptions, Home Credit has successfully embraced digital transformation by digitizing all of its offerings and services end-to-end, allowing both our customers and merchants or retail partners to complete seamless onboarding at the point of sale or from anywhere via an app or website.
The digital Ujjwal EMI card, which offers clients an instant pre-set credit limit, was launched in late 2020 as part of the suite of digital lending products introduced in the previous two years. The paperless, no-cost EMI alternatives are quickly gaining traction as a compelling selling concept for retailers who can convert a conventional purchase into 3, 6, 9, or 12 months EMI choices at no additional cost to the consumer with only a few clicks of Pine Labs’ smart Android PoS terminal.
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