Mumbai, July 23 (IBNS):: Bank of Baroda, a public sector bank, has entered into a Memorandum of Understanding (MoU) with Pine Labs, India’s leading merchant platform, to commemorate the beginning of business partnership on bank’s 112th Foundation Day.
The MoU was signed by P S Jayakumar, MD&CEO, Bank of Baroda and Vicky Bindra, CEO, Pine Labs Pvt Ltd, in the presence of Top Management of Bank of Baroda.
The objective of this collaboration is to provide the affordability solution to debit card holders of BoB by way of POS based EMI solutions and as well as to the merchant segment by way of Fintech lending solutions based on POS linked digital transactions, read a statement issued by Bank of Baroda.
The partnership also entails leveraging wide spread presence of BoB, both domestic and overseas, and cutting edge digital payment solutions of Pine Labs.
The partnership will help to deploy cost effective acceptance channels of Pine Labs for bringing larger merchant segment into the digital payment ecosystem.
The current market size of retail sales is estimated to be Rs. 2,30,000 crores, out of which around Rs. 50,000 crore is under finance which provides a great opportunity for both the partners to further expand the bouquet of offerings through unique blend of technology and financial solutions.
P.S. Jayakumar, MD & CEO, Bank of Baroda said, “At Bank of Baroda we constantly aim to provide best in class customer experience using cutting edge technology solutions and a variety of Fintech partnerships. In line with the objective of Digital India initiative, we are happy to partner with Pine Labs to enhance the digital affordability of customers through On-The-Fly EMI product, and for merchants through Lending @ POS product”
Speaking on the occasion, Vicky Bindra, CEO, Pine Labs said," We are delighted to partner with Bank of Baroda to offer instant EMI for their debit card customers with the help of our cloud-based merchant payment platform. EMI on debit card is an innovative technology-led financial offering that helps make the complex task of consumer lending a quick digital experience. We hope that this partnership will lead to more tech driven financial solutions for Bank of Baroda customers, in India and overseas.”