The Hindu Business Line

Merchant commerce platform Pine Labs has partnered with consumer lending fintech ZestMoney to provide in-store, digital equated monthly instalment (EMI) options to customers. This will be available through Pine Labs’ Plutus and Plutus Smart point-of-sale (PoS) devices.

“This offering is targeted at new-to-credit customers. ZestMoney EMI on Pine Labs devices will be available across 20,000 outlets in 100 cities in the next 12 months,” said Pine Labs in a statement on Wednesday.

First-time credit seekers who do not have a credit or debit card will be able make purchases at offline stores and avail themselves of EMI.

Venkat Paruchuri, Chief Product Officer, Pine Labs, said the initial focus will be on mobiles, consumer durables and IT devices, but it will be gradually extended to additional categories such as apparels and fashion, education, wellness and healthcare, and travel and tourism.

As an inaugural time-bound offer, ZestMoney will provide 0 per cent interest EMIs on the purchase of any product for a three-month tenure. Additionally, the two firms are working with manufacturers across the mobile, consumer durable and laptop categories to bring EMIs with three-, six-, nine- and and 12-months tenures.

Pine Labs’ cloud-based software platform can enable instant credit disbursal using ZestMoney’s credit risk and disbursement criteria, said the statement.