Mastercard has collaborated with Pine Labs, a merchant paytech platform, and DBS Bank (Singapore) to present a Buy Now Pay Later (BNPL) facility.
The ‘Mastercard Instalments with Pine Labs’ program roll out to every DBS Bank and POSB Bank (a subsidiary of DBS) credit cardholders in Singapore from March 2022. Hong Kong and Indonesia will follow in Q2 2022.
DBS Bank stated that two million cardholders would profit from the Buy Now Pay Later (BNPL) option, which will allow them to reimburse through interest-free instalments with spontaneous approvals at partaking merchants.
The solution will be obtainable on every Visa, DBS Mastercard, and American Express credit card.
Ananya Sen, DBS Bank’s Group Product Head of Digital Consumer Finance and Card Payments stated that the bank is the primary local issuer in Asia to collaborate with Mastercard on this Buy Now Pay Later (BNPL) solution.
Ananya Sen stated that the partnership would scale DBS Bank’s BNPL touch-points vastly, allowing two million consumers to enjoy the bank’s BNPL offering throughout a wide array of physical stores, eCommerce portals, and via the bank’s mobile applications.
Chief features of the BNPL offering include spontaneous approval at checkouts, proportionate to the cardholders’ credit limit, and elastic instalment tenures.
Head of Platforms and Payments at DBS Bank, Anthony Seow, stated that in 2021, the bank’s Buy Now Pay Later-centric sales in Singapore accomplished significant growth and progression.
Dheeraj Chowdhry, Chief Business Officer and Head of Pay Later of Pine Labs Southeast Asia, stated that the company was active in the Buy Now Pay Later portal for a while and that the offering was an essential tool in maturing this consumer funding trend.
Nevertheless, the collaboration betwixt Mastercard, Pine Labs, and DBS Bank will swiftly augment the maturity of this offering.
Dheeraj Chowdhry added that the ‘Mastercard Instalments with Pine Labs’ program permits merchants to capture sales they might not possess otherwise hypothetically.
Sharon Chew, Mastercard’s Senior Vice President of Consumer Solutions in Southeast Asia, noted that the collaboration drew on the experience and expertise of three pioneering industry leaders. The partnership aimed to fabricate a more universal and abridged path to implement instalment payments that profited business enterprises and end-users alike.
Mastercard is an international technology firm rested within the payments industry. The firm strives to connect and fuel an inclusive digital economy that profits everybody, everywhere, by facilitating simple, smart, safe, and accessible transactions.
By utilising secure data and networks, collaborations and passion, the firm’s innovations and solutions assist financial institutions, individuals, governments, and business enterprises to realise their fullest potential.
With networks across over 210 nations and regions, Mastercard strives to create a sustainable world that reveals numerous possibilities to all.
About DBS Bank
DBS Bank, one of the pioneering fiscal services groups, is headquartered in Singapore. The firm operates throughout 18 markets. The bank is an Asia-centric commercial bank aimed at harnessing the territory’s long-term potential as the hub for economic gravity shifts to Asia.
As a leader in digital transformation, the firm seeks to offer a neo philosophy in banking that is seamless and hassle-free for consumers.
The bank is unique from regional lenders and international players. As an Asian expert and a leader in digital transformation, the bank has accomplished a sophistication that overthrows local lenders and global competitors. The firm seeks to facilitate trade and investment flows in Greater China, Southeast Asia, and South Asia. Its key franchises maintain the Hong Kong, China, Taiwan, India, and Indonesia markets.
Singapore is a central location that delivers to consumer segments of all kinds. In addition, the bank provides to the mass market via the DBS and POSB (People’s Bank) in the country.
About Pine Labs
Founded in 1998, Pine Labs simplifies financial technology to augment commerce. When Pine Labs commenced its operations, its principal aim was driven towards loyalty solutions and smart-card based payments for the retail petroleum sector.
Eleven years hence, the firm performed its first venture into the world of mainstream payments by providing merchants solutions and linking them to fiscal services and banks.