Kuala Lumpur, Malaysia – Merchant commerce platform Pine Labs has announced that it will be making its Buy Now Pay Later (BNPL) feature in Malaysia, following the foray of its subsidiary Pine Payment Solutions, a payment platform in the country and the success of its offline BNPL solution in India.
The expansion comes at an interesting time when there is pent-up demand among consumers after a prolonged period of lockdown; consumers want easier access to credit and merchants are looking for newer ways to revive sales.
Pine Labs is providing a tech-first offline payments solution where on a single terminal, multiple credit issuers can make BNPL offers to customers.
Pine Labs’ BNPL launch in Malaysia will further accelerate digital payments adoption in the country and make it possible for merchants to sell more in this tough business environment post the pandemic.
Some of the available banks in the platform include CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank.
“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,” said Kush Mehra, chief business officer at Pine Labs.
He also mentioned that their recent partnership with financial services Mastercard will enable them to expand across other markets.
The company has ambitious plans as well to launch BNPL in the rest of the Southeast Asia markets. Late last year, Pine Labs had announced its intent to launch an integrated pay later installment solution in partnership with Mastercard to markets like Thailand, Philippines, Vietnam, Singapore, and Indonesia.