Pine Labs, Asia’s leading merchant commerce platforms, has launched its Buy Now Pay Later (BNPL) offering in Malaysia. According to the firm, Pine Labs’ offline BNPL service in India has a 95% market share. The new development in Malaysia by Pine Payment Solutions, a subsidiary of the company comes at an interesting time when there is a demand among consumers after a prolonged period of lockdown. Consumers look for easier access to credit and merchants are looking for newer ways to revive sales.
“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, 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.
“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.