Home / Industry / Banking /  Kotak Mahindra Bank partners Worldline to enable EMIs on its debit cards

Private sector lender Kotak Mahindra Bank on Thursday announced a tie-up with Europe-based payment and transactional service firm, Worldline, to enable equated monthly installments (EMIs) payments via Kotak debit cards in India.

This is expected to help over five million eligible Kotak debit card customers to pay for their purchases in easy installments via the Worldline POS (point of sale) terminals.

Worldline manages a network of over 1.5 million merchants across India, and Kotak debit cardholders will be able to avail of the EMI facility across a sizable number of these merchants in India.

Ambuj Chandna, president–consumer assets, Kotak Mahindra Bank, said, “Our partnership with Worldline enables Kotak customers to break their high-value purchases into affordable and flexible EMI options on a range of products at no extra cost. Worldline has a strong and dominant presence, especially in tier II and tier III cities of India, and this tie-up will further empower our customers with a wide network of new merchants for availing the EMI on Kotak debit cards facility."

The minimum purchase value to avail EMIs on the Kotak debit cards facility is 5,000, and customers have the flexibility to repay the loan over tenures between three months and 12 months.

To begin with, EMIs on Kotak debit cards are available on all consumer, retail, fashion and electronic goods. To avail of this facility, all a Kotak customer has to do is ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure, and swipe their Kotak debit card to complete the purchase.

Vishal Maru, senior vice president, Merchant Services, Worldline India, said, “Offering VAS such as EMIs is in-line with our efforts to create seamless and frictionless customer experience while giving an opportunity to cardholders to convert their high-value purchases into easier installments."

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout