A partnership between Pine Labs and Bank Simpanan Nasional was announced (BSN). Retailers should benefit from this cooperation, which will enable digital Pay Later on Pine Labs PoS terminals throughout Malaysia, as well as assist the aspirational middle-class population of the nation in meeting their shopping needs. For owners of BSN Credit Cards, the instalment program is available at more than 10,000 merchant locations in Malaysia that use the Pine Labs commerce platform.
The middle class in Malaysia may now look forward to inexpensive ways to buy with the option to pay by instalments up to 36 months at a 0% rate due to growing inflation and over half a million M40 (middle-income group) families slipping to the B40 (bottom 40%) category. BSN cardholders can pay for their purchases at offline Pine Labs-powered stores using equalised monthly installment plans rather than a flat sum instead. This partnership will begin to provide benefits to holders of BSN Cards in July 2022.
Chayan Hazra, Head – Payment Business – APAC, Pine Labs, said, “During their in-store purchases, consumers in Malaysia increasingly prefer the affordable Pay Later route where they convert their regular purchase and installment 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 installment purchases instantly.”