Pine Labs partners with AU Small Finance Bank

Pine Labs, a merchant commerce platform, has partnered with AU Small Finance Bank, the country’s largest small financial bank. Thanks to this partnership, the bank’s credit card holders will now be able to benefit from Equivalent Monthly Payment (EMI) offers at the point of sale and convert their regular purchase into EMI without interest in the merchant base of more than 2 lakh of Pine Labs, pan India.

Currently, Pine Labs powers over 30 different credit issuers and NBFC partners on its Android PoS devices. The collaboration between the two entities is expected to benefit India’s large underbanked population. In fact, around 55-60% of AU Small Finance Bank clients are first-time credit card holders with a presence in western, northern and central India and in major cities. level 3 and 4.

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Kush Mehra, Commercial Director of Pine Labs, said, “Consumer sentiment in India has improved dramatically in recent times. We believe there is a lot of pent-up demand in the market, especially from the aspiring middle class. Glad to partner with AU Small Finance Bank which has a strong presence in semi-urban and rural areas which we believe will be the next growth pocket for the retail sector in India. We see great synergies for future growth in this evolving BNPL space, as the Bank has been admirably successful in securing over 80,000 credit card users in such a short period of time since launch and has ambitious goals for this exercise.

Mayank Markanday, Head of Credit Cards, AU Small Finance Bank, said: “The initial journey at AU Bank Credit Cards was quite exciting. As we deliver innovative benefits to cardholders, penetration into new geographies has enabled us to serve a large segment of the card-less customer base. Our association with Pine Labs will go a long way in meeting the diverse needs and aspirations of our customers by offering them affordable packages through Instant EMIs at partner merchant stores.

Pine Labs is also expanding its “Buy Now, Pay Later” offering to international markets and recently partnered with Standard Chartered Malaysia to provide interest-free installment purchase options to the bank’s customers.