Home Credit India (HCI), a local arm of the international consumer credit provider, has partnered with Pine Labs, which focuses on payments and leading merchant commerce platform, for improving access to EMI digital finance options of its Ujjwal Card to millions of HCI customers at Pine Labs PoS terminals across India.
Through this partnership, Home Credit India’s lending platform is integrated with Pine Labs Point-of-Sale (PoS) on a pan-India basis to provide an omnichannel connection for its offerings.
This will increase the number of points of sale that HCI customers can perform, increase the acceptability of Home Credit’s Ujjwal EMI card and also increase customer acquisition potential for HCI through Pine Labs, said Ankush Khosla, Director of sales, Home Credit India. Activity area.
HCI, which has a consumer base of over one crore since entering the Indian market in 2012, sees this partnership giving a boost to their customer loyalty as their customers will get a new avenue or vast network points of sale to benefit from paperless EMI financing from Home Credit. It will also help expand HCI’s customer base through new customer acquisition.
As part of HCI’s digital lending product bouquet 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 purchase into an EMI of 3, 6, 9 and 12 months. options at no additional cost.
Mortgage lending is prevalent in over 579 cities in India with 50-60% of its business originating from outside metropolitan cities. “Home Credit is more dominant in the north and west. We plan to increase our footprint in the south and east and reach out to the pan-Indian population,” Khosla said.
In the first phase, the Ujjwal EMI offer will be available in 18,000 stores with an introductory offer of 5% fixed cashback on the purchase of mobile phones, consumer electronics and home appliances.
“Our joint offering will attract more customers to the growing Buy Now Pay Later category and help merchants drive sales through easy-to-use, fast-to-pay EMI offers,” said Mayur Mulani – Business Leader – Pay Later, Pine Labs.
Pine Labs has over two lakh merchants transacting with it in various categories from lifestyle to electronics to furniture. The company, which had historically partnered with banks and credit card companies, had started partnering with a few NBFCs.
“Home Credit positions itself differently in how they grant credit to a new customer to be credited or to a customer who does not have a card or subscription. The analytical skills they bring to the table to underwrite a client on the fly is something we were looking for,” Mulani said.
The joint effort is to provide a completely paperless digital loan to a customer, he added.
Even for buyers new to Home Credit, merchants will facilitate a quick digital onboarding journey of less than five minutes. “We have always believed in delivering trusted financial products and services responsibly 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 expanding our network of partners,” says Khosla.
With the disruption caused by Covid, Home Credit has embraced digital transformation well, digitizing the entire end-to-end offering and services, as HCI and Pine Labs customers and merchants/retail partners can integrate seamlessly at point of sale or anywhere via the app or website.
April 10, 2022