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August 10, 2022
Kuala Lumpur, Malaysia – August 10, 2022: Pine Labs, a leading merchant commerce platform, announced a partnership with Bank Simpanan Nasional (BSN). This partnership to enable digital Pay Later on Pine Labs’ PoS terminals across Malaysia is expected to positively impact the business of retail merchants and help the country’s aspirational middle-class population meet their shopping needs. The instalment program is available for BSN Credit Cardholders at more than 10,000 merchant outlets in Malaysia that are powered by Pine Labs commerce platform.
With rising inflation in Malaysia and over half a million M40 (middle-income group) households slipping to the B40 (Bottom 40 percent) category, Malaysian middle-class consumers can now look forward to affordable ways to purchase with the option to pay by instalments up to 36 months at 0% rate. BSN cardholders can avoid the lump sum payment for their product purchase at offline stores powered by Pine Labs and convert the payment into equated monthly instalment options. BSN Cardmembers have started benefiting from this collaboration beginning July 2022.
“During their in-store purchases, consumers in Malaysia increasingly prefer the affordable Pay Later route where they convert their regular purchase into instalment purchase options. The seamless process enables offline retailers to drive sales, especially of big-ticket items. To expand the reach of our Pay Later proposition, we are delighted to now partner with BSN. We believe the bank’s customers would love the experience of availing these instalment purchases instantly,” said Chayan Hazra, Head - Payment Business - APAC, Pine Labs.
“Through this partnership with Pine Labs, we are opening payment options for our BSN Cardmembers and helping ease their worry on late charges and interest or management fees. Cardmembers can plan their spending and expenses with a 0% instalment benefit rate,” said Mujibburrahman Abd Rashid, BSN’s Chief Business Officer.
Convenience stores, big-box retail stores, mini markets, and stores in the malls have faced the brunt of the COVID-19 pandemic. The gradually improving consumer sentiment is expected to aid Malaysia’s retail recovery this fiscal year.
Pine Labs is a leading merchant commerce omnichannel platform operating across India and Southeast Asia. Pine Labs’ tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. In issuing, Qwikcilver serves leading corporates, Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, the Banking, Financial Services and Insurance (BFSI) sector and the airlines industry, with a presence across India, the Middle East, Southeast Asia and Australia. Qwikcilver is a go-to gift card provider among companies looking to, among other things, bolster their employee rewards program and issue closed-loop gift cards for customer acquisition. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way. Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.