Honda Motorcycle & Scooter India has signed a Memorandum of Understanding (MoU) with Asia’s leading merchant commerce platform – Pine Labs. The new Pine Labs POS machines available across Honda dealerships will now provide a new purchase solution to debit and credit cardholders by way of convenient and affordable EMIs (equated monthly instalment)
Pine Labs’ unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs’ stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Actis Capital, Temasek, PayPal, Sofina and Mastercard. The new alliance which empowers cardholders of 14 credit and 6 debit cardholders, was formalized by Mr Yadvinder Singh Guleria, Senior Vice President – Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd., Mr Kush Mehra, Chief Business Officer, Pine Labs and Mr Venkat Paruchuri, Chief Product Officer, Pine Labs along with other dignitaries.
Usually, applying for loans to buy a 2-Wheeler involves two charges – down payment and hypothecation fee, the latter also troubles the customer at the time of loan completion. The consumer needs to produce a ‘no objection certificate’ from his bank, and later pay and arrange for hypothecation removal at the Registration Authority. With Honda’s new MoU with Pine Labs, customers are now assured of extra benefits like zero-down payment, no documentation and waiting time, zero hypothecation fees or no N.O.C certificate by respective bank. Pine Labs’ EMI on POS payment facility empowers cardholders to choose from multiple tenure options while opting for EMI-based purchase of Honda 2-wheelers.
With every 2nd two-wheeler customer now buying a two-wheeler under retail finance, the new EMI on Pine Labs POS significantly cuts down on time and documentation hassles while parallelly enhancing customer buying experience with the joy of instant delivery. Exclusively, under this scheme, SBI Credit cardholders can avail cashback of 5% up to Rs. 4,000 valid till 29th February 2020 on a minimum purchase of Rs. 40,000.