Pine Labs, one of Asia’s leading merchant commerce platforms, announced the launch of its Buy Now Pay Later (BNPL) offering in Malaysia. Pine Labs has already achieved tremendous success with offline BNPL services in India where it has 95% market share. The foray into Malaysia by the company’s subsidiary Pine Payment Solutions 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’ 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.
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“We’re quite upbeat about the expansion plans around our very successful tech-focused Buy Now Pay Later product and are excited at its launch in Malaysia. 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,” said Kush Mehra, Chief Business Officer, Pine Labs.
CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank are the top banks in Malaysia that are already on Pine Labs’ BNPL platform. Some of the key merchants for which this solution will soon be rolling out include Senheng, DirectD, Ogawa, Gintell, Herbaline, and E.S.H. Electrical.
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“At DirectD, our mission is to help every Malaysian stay connected via smart devices. We believe consumers today are looking for affordable ways to pay for their purchases. Pine Labs’ integrated technology-backed solution makes the Pay Later activation a seamless process, hence improving customer journey. We look forward to leveraging Pine Labs’ capabilities in enhancing our current system,” said Amy Tan, Communications Director, DirectD Retail & Wholesale Sdn Bhd, the largest and fastest-growing mobile phone retailer in Malaysia.
Pine Labs providing a tech-first offline payments solution where on a single terminal multiple credit issuers can make BNPL offers to customers will be an interesting offering in Malaysia, an economy that is expected to post positive growth this year as per a projection by The World Bank.
The company has ambitious plans 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.
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