Kochi June 01, 2022 – Leading merchant commerce platform, Pine Labs today announced the extension of its existing partnership with Federal Bank Limited, one of India’s leading Private Sector Banks. Under this new arrangement, Credit Card holders of Federal Bank will now be able to avail the benefits of Pay Later at any merchant store pan India powered by Pine Labs PoS terminals. Bank’s credit card customers can convert their regular in-store purchase into equated monthly instalments (EMIs) in just a few seconds.
“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,” said Mayur Mulani, Business Leader, Pay Later, Pine Labs.
As a welcome offer, the Bank will be extending a 5% cash back up to Rs 2000 on a minimum transaction of Rs 5000 to their customers between 1st June and 15th June 2022. This offer will be applicable at select merchant outlets such as Lulu, OXYGEN, QRS, Bismi, MyG, Reliance digital, Croma and Vijay sales in Bangalore and Kerala.
Shalini Warrier, Executive Director at Federal Bank, commenting on the partnership said “We are delighted to announce this tie-up with Pine Labs. This would hugely benefit our Credit Card holders, providing them a seamless shopping experience without having to worry about making upfront payments.”
Pine Labs has over 250,000 merchant relationships in more than 6,000 cities. With over 150 leading Pay Later brand partners, the company has strengthened its Pay Later ecosystem over the years and is also scaling this win-win Pay Later proposition for merchants and shoppers to Southeast Asia.
About Federal Bank Limited
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,289 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.06 Lakh Crore as on September 30, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.97% as on 30th September 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
About Pine Labs
Pine Labs is the leading merchant commerce omnichannel platform operating across India and Southeast Asia. Pine Labs’ tech-first approach to digital payments and focus on simplification at the front end is helping millions of businesses embrace fintech products at scale.
In online payments, Plural is building a one-stop payments destination across channels. Plural delivers secure and frictionless online payment experiences to the end user, powered by a cutting-edge tech stack that can seamlessly augment an existing online business or build an all-new e-commerce payment setup from the ground up.
In prepaid cards, Qwikcilver serves leading corporates, FMCG brands, e-commerce, BFSI sector and airlines; with presence across India, the Middle East, SEA and ANZ. Qwikcilver is the go-to gift card provider among companies looking to bolster their employee rewards program, issue closed-loop gift cards for customer acquisition and more.
For the consumer – Fave is the fintech platform for the next generation of consumers; providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.
Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard. To know more, please visit https://www.pinelabs.com/.