Pine Labs, an Asian merchant commerce solution provider that’s backed by payments giant Mastercard, has introduced a Buy Now, Pay Later (BNPL) solution in Malaysia.
Pine Labs aims to offer a technology-focused offline payments platform where several different credit card issuers can use a common terminal to provide BNPL offers to clients.
AFFIN BANK, AmBank, CIMB Bank, HSBC Bank, RHB Bank are now using Pine Labs’ BNPL solution.
Pine Labs reports that it has managed to achieve success with its offline BNPL platform in India where it claims a 95% market share. During late 2020, Pine Labs had revealed that it was planning to introduce its BNPL platform through a partnership with Mastercard. The company said it would launch the service in Singapore, Thailand, Philippines, Indonesia, and Vietnam.
Kush Mehra, Chief Business Officer, Pine Labs, stated:
“It is an excellent product and a win-win proposition for everyone involved including consumers who get affordable buying options, merchants who are getting an enticing proposition to woo customers back to the stores and boost their sales, and banks and brands who get to build their brand loyalty. This integrated solution that we launched with Mastercard will now be further expanded to newer markets in the region.”
As covered, Pine Labs is an India-headquartered merchant commerce platform that’s focused on expanding its services to Southeast Asia, thanks to key organizational changes.
As previously reported, Pine Labs offers a merchant platform that includes technology and financial solutions for merchants to help them in increasing their revenue, reducing the cost and complexity of running a business, and managing the risks involved. The company connects financial institutions and consumer brands to empower merchants to deliver value to their retail customers.
Pine Labs and its tech platform power both offline and online “last-mile retail transactions, provide customer insights to merchants for targeted sales and offer risk-managed financial solutions for merchants’ business growth.” Today, more than 1 million merchants in India and several other Asian countries, use Pine Labs’ solutions to “run accessible, affordable, speedy and risk-managed last-mile retail operations.”