February 7, 2015
Pine Labs is the real dark horse of the payments industry in India. The company has always been away from the spotlight, but an amazing fact about the company is that it is handling more than $667 million in transaction volume per month. Since its inception, the company has received a sizable amount in funding. Sequoia Capital itself has put in over $21 million into the company. Pine Labs is known for its Payments, Loyalty and Retail Automation systems.
But the real achievement of Pine Labs is their EMI business (EMI stands for equated monthly installments, when repaying a loan). Payments is a dirty business. One has to start earning many small cents and pennies to actually gain a substantial amount of dollar volume in this field. But lately some innovative companies have figured out newer ways of making money. And Pine Labs has gone after EMI business in India to reach that high benchmark in transaction volume. Their EMI based payment service is called Plutus EMI which facilitates merchants and manufacturers to offer an instant EMI payment option to their customers.
Consumers get the convenience of paying for large ticket purchases in clearly defined installments with multiple tenure options. It also helps Merchants by increasing not only the sales but also the average value of transactions. Plutus EMI can help a merchant engage almost the entire universe of card-carrying customers with a single agreement signed with Pine Labs. It helps customers to double up their credit card as an EMI card with the swipe of the card on the Plutus EMI POS. Plutus EMI enables the EMI facility for all leading card issuers as shown in the illustration below.
Plustus is an attractive option especially for SME retailers because of the reduced cost of transaction processing, reduced cost of training of cashier, and the opportunity to offer gift cards or offer loyalty programs or other EMI facilities without any incremental cost in infrastructure.
apart from the EMI payment service, Pine Labs also offers the Pine Labs Loyalty Software. Pine Labs’ Nova Loyalty Solution is especially focused on communication to the customers at the time of transaction. Nova itself is a sophisticated rules engine that supports comprehensive business rules for award and redemption of points. This enables analysis by multiple factors based on item code, transaction amount, merchant code, time of transaction, customer profile and history, etc. as applied to a single transaction.