New Delhi: Pine Labs, one of Asia’s leading merchant commerce platforms, is taking its popular Pay Later offering into the exciting luxury goods segment in India. The fintech major has announced that it is the official Pay Later Partner at the DLF Luxury Shopping Festival which started from March 25, 2021, till April 12, 2021. Shoppers at DLF Emporio and The Chanakya Mall, New Delhi, will be able to make their luxury shopping more affordable by using their debit and credit cards on Pine Labs PoS terminals.
India’s young demographic comprising of tech-savvy Millennials and Gen-Zers and its rising and aspirational middle class makes it one of the fastest-growing consumer markets in the world. It is expected that the middle class in India will drive 75% of the consumer spending in 2030, as per research by the World Economic Forum and Bain. India’s first and only luxury shopping festival at DLF Emporio and The Chanakya Mall will help this key segment fulfill its need for luxury goods in an affordable manner.
Commenting on the partnership with DLF Luxury Shopping Festival, Kush Mehra, Chief Business Officer, Pine Labs, said “At Pine Labs, it is our endeavor to enable brands to provide a seamless payment experience to their consumers. With businesses on revival mode post the pandemic and the pent-up demand among consumers, this partnership comes at just the right time. Through our partnership with DLF Emporio, we are unlocking access to luxury brands for consumers, especially the burgeoning middle and upper-middle class in the country. The smart and affordable payment options available on Pine Labs PoS terminals during this Luxury Shopping Festival will definitely boost consumer spending and we are proud to be its official Pay Later Partner.”
Prashant Gaurav Gupta, Vice President & Head – DLF Luxury malls added, “With the 2021 edition of the Luxury Shopping Festival at DLF Emporio and The Chanakya, we are moving a step forward by offering our customers newer platforms to make their shopping a seamless experience and taking off the burden by giving them an option of paying later. Digital transformation has always been at the core of our business and we are delighted to have Pine Labs as the official Pay Later Partners for DLF Luxury Shopping Festival.”
Some of the prominent luxury brands like Varun Bahl, Corneliani, Emporio Armani, Salvatore Ferragamo, Hugo Boss, Sunglass Hut, Altius Luxury, Neeta Lulla will be offering Pay Later option to their consumers during the Luxury Shopping Festival. Additionally, shoppers spending over INR 25,000 at DLF Emporio and INR 15,000 at The Chanakya will be eligible for daily and weekly gifts from luxury brand partners participating in this festival and there are weekly travel vouchers up for grabs from Pine Labs worth INR 1 Lakh.
Pine Labs Pay Later has witnessed tremendous traction amongst consumers in India. For the quarter ending December 31, 2020, the company witnessed 108% growth (over pre-COVID levels) in its Pay Later business on the back of big-ticket purchases.