27 minutes
KUALA LUMPUR: Merchant commerce platform Pine Labs is partnering with Bank Simpanan Nasional (BSN) to develop an instalment program, Pine Labs Pay Later, which is available for BSN credit cardholders at more than 10,000 merchant outlets in Malaysia.
BSN cardholders who purchase at offline stores powered by Pine Labs have the option to pay by instalments up to 36 months at 0% rate. Additionally, cardholders may convert their purchases into 0% instalments at Pine Labs participating merchant outlets – and maximum amount depends on their credit line they have with the bank. This collaboration between Pine Labs and BSN started recently in July 2022.
Pine Labs Asia-Pacific payment business head Chayan Hazra said there is an increase of Malaysian consumers preferring the Pay Later option during in-store purchases, whereby purchases are able to be converted to instalment purchase options.
“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 now partner with BSN. We believe the bank’s customers would love the experience of availing these instalment purchases instantly,” he said in a statement.
BSN chief business officer Mujibburrahman Abd Rashid said the instalment program is able to ease BSN cardholders’ concern over late charges and interest or management fees.
“Through this partnership with Pine Labs, we are opening payment options for our BSN card members and helping ease their worry on late charges and interest or management fees. Card members can plan their spending and expenses with a 0% instalment benefit rate,” he remarked.
