Bank of Baroda (BoB), India’s 2nd largest public sector bank, has entered into a Memorandum of Understanding (MoU) with Pine Labs, a merchant platform, for digital transaction solutions. This pact will help the bank bolster POS-based EMI solutions and digital transactions. The partnership also entails leveraging presence of BoB, both domestic and overseas, and cutting edge digital payment solutions of Pine Labs, a BoB statement stated.

The partnership will help to deploy cost-effective channels of Pine Labs for bringing larger merchant segment into the digital payment ecosystem, it said. The current market size of retail sales is estimated to be at Rs 2,30,000 crore, out of which around Rs 50,000 crore is under finance which provides a great opportunity for both the partners to further expand offerings through unique blend of technology and financial solutions.

PS 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.”

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.”

Pine Labs is a merchant platform company that provides financing and last-mile retail transaction technology. Pine Labs' offerings are used by 1,00,000 merchants in 3,700 cities and towns across India and Malaysia, it said. Its investors include Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital and Sofina.