Home Credit India bolsters EMI-led digital retail lending business with Pine Labs partnership

ByRichard C. Sloan

Apr 11, 2022

NEW DELHI: With continued focus on “digital first” approach to retail lending business, Home Credit India, a local arm of international consumer credit provider, on Monday announced its partnership with leading commerce platform merchant, Pine Labs.

This partnership will further strengthen Home Credit India’s retail network and improve access to its Ujjwal Card EMI digital finance options to millions of Home Credit customers at Pine Labs PoS terminals across India.

Even for buyers new to Home Credit, merchants will facilitate a quick digital onboarding journey of less than five minutes.

Initially, the Ujjwal EMI digital card offering will be launched in 18,000 stores across India and for the purchase of electronics, home appliances and mobile phones. More stores and new categories will be added later. A special introductory offer is also being extended where new customers with EMI financing through Home Credit‘s Ujjwal (EMI) card will receive a flat 5% discount on the price of the product.

Commenting on the partnership, Ankush Khosla, Sales Director of Home Credit India said, “We are delighted to have a leading player like Pine Labs as our partner to support and reinforce Home Credit’s drive to democratize home credit. affordable consumption. We have always believed in providing trusted, responsible financial products and services and in today’s post-Covid digital world, this partnership reiterates our commitment to customers for an omnichannel connection with our products and services and responds to customer needs by developing our network of partners.”

Partnering with Pine Labs will boost our customer loyalty as Home Credit India Finance Private Limited customers will benefit from a new avenue or extensive network of outlets to avail Home Credit’s Paperless EMI Finance, powered by the Ujjwal EMI card. This partnership will also help expand Home Credit’s customer base through the acquisition of new customers through Ujjwal card membership.

“Home Credit Group is a trusted name in consumer credit across the globe and today we are delighted to partner with Home Credit India which has a consumer base of over one crore. since entering the Indian market in 2012. Our joint offering will bring in more customers under the growing “Buy Now Pay Later EMI” category and help merchants in India drive sales through easy-to-use and fast EMI offers when shopping. payment using Pine Labs PoS terminals,” said Mayur Mulani – Business Leader – Pay Later, Pine Labs.

With the disruption caused by Covid, Home Credit has embraced digital transformation well by digitizing the entire end-to-end offering and services as our customers and merchants or retail partners can seamlessly integrate with the point of sale or anywhere via an app. or website.

As part of our bouquet of digital lending products introduced over the past two years, the Ujjwal EMI digital card, offering an instant preset credit limit to customers, was launched in late 2020.

Paperless, fee-free EMI options are rapidly emerging as an attractive selling proposition for merchants who can with a few clicks of Pine Labs’ smart Android POS terminal convert a regular buy into EMI options of 3, 6, 9, 12 months at no additional cost to the consumer.