Southeast Asia’s Pine Labs Announces Pay Later EMIs on Branded Wearables

Merchant commerce omnichannel platform, Pine Labs announced that it has “entered the wearables segment in the consumer electronics category.”

Shoppers in India can now “purchase wearable devices of select brands on a Buy Now Pay Later arrangement using Pine Labs’ PoS terminals.” Top brands offering their wearable products under the Pine Labs Pay Later EMI option “include Fire-Boltt and PLAY.”

Watch-based wearables is reportedly “the fastest-growing category in wearables, having grown significantly with total shipments reaching 6.4 million units in April-June 2022, achieving a growth of 298.4% YoY as per data released by the International Data Corporation (IDC).”

Mayur Mulani, Business Leader – Pay Later, Pine Labs, said:

“We are delighted to add another flourishing retail category on our growing Pay Later portfolio. Young and fitness-focused generation in India is driving the demand for smart watches and they are relying on smart EMI offers on these wearables to meet their needs. Wearables has seen significant growth in India in recent years and our merchant partners can now offer digital Pay Later options to shoppers and drive sales in the process. With the ongoing festive season, this would definitely send some cheers among our retail merchant community pan India.”

Arnav Kishore, Founder & CEO, Fire-Boltt, remarked:

“Every year, our retail partners witness incredible spike in sales during the festive season in India. This strategic tie-up with leading merchant commerce platform Pine Labs will help us reach out to those shoppers who are looking for instant EMI purchase options at the retail store to buy our quality wearable devices. India’s young consumers and its rising aspirational middle-class has an eye for fitness products and is looking for affordable ways to purchase them. Together with Pine Labs we will give merchants another avenue to sell more and sell fast in this much-awaited period of growth,”

Today, India tops world ranking in future intent “to use ‘Buy Now Pay Later’, as per a report titled ‘The Future of Financial Services’ by YouGov.”

Pine Labs merchants “are in an advantageous position as it offers a growing network of leading banks and brands on its Pay Later platform.” The company has “built a robust and secure tech stack on its Android-powered PoS terminals which ensures paperless Pay Later debit and credit card EMI transactions are validated and processed within seconds.”

As noted in the update, Pine Labs is a 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 aims “to help many businesses embrace fintech products at scale.”

In digital payments, their online payments cloud-based software Plural “represents a one-stop payments destination across channels.”

Plural is “designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up.”

In issuing, Qwikcilver “serves corporates, Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, the Banking, Financial Services and Insurance (BFSI) sector and the airlines industry, with a presence across India, the Middle East, Southeast Asia and Australia.”

Qwikcilver is “a go-to prepaid, stored value and gift card provider among companies looking to, among other things, bolster their sales, acquire and retain customers and drive operational efficiencies.”

In consumer app, Fave is “a 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.”

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