" class="no-js "lang="en-US"> Mastercard, DBS Bank and Pine Labs offer consumers
Friday, April 19, 2024

Mastercard, DBS Bank and Pine Labs offer consumers a new payment option in multiple Asian cities

Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs’ – a new program that allows DBS/POSB credit cardholders to pay via interest-free installments at merchants with the ‘Pay Later’ identifier, simply by presenting their DBS/POSB cards at checkout.

Launching in March, the program will be accessible to all DBS/POSB credit cardholders initially in Singapore, followed by Indonesia and Hong Kong SAR in 2Q 2022. Consumers will enjoy a seamless and secure experience to access Buy Now, Pay Later (BNPL) offers at checkout across a variety of merchants. DBS is the first regional issuer in Asia to offer this program to its customers, and key highlights of the program include:

  • Instant installment approval at checkout (up to a cardholder’s pre-approved credit limit)
  • Flexible installment repayment periods with no interest charge
  • Available exclusively on all DBS Mastercard, Visa and American Express credit cards
  • Peace of mind that comes with Mastercard’s trusted merchant network

Commenting on the announcement, Ananya Sen, Group Product Head, Digital Consumer Finance and Card Payments at DBS Bank, said: “We are excited to be the first regional issuer in Asia to partner with Mastercard on this innovative BNPL solution. This will scale our BNPL touch points significantly, allowing two million customers to enjoy our BNPL offering across an extensive range of physical stores, eCommerce platforms and through our apps.”

“This new partnership with Mastercard is especially meaningful for us, given our BNPL-related sales in Singapore had reached record growth in 2021,” added Anthony Seow, Head of Payments and Platforms, DBS Bank. “Coupled with growing consumer demand for installment payment options and a superior shopping experience, we believe that this collaboration will further accelerate our growth in the BNPL space as more customers can benefit from managing their credit responsibly while enjoying the payment flexibility.”

The partnership draws on the expertise and technology assets of Mastercard and Pine Labs, a leading merchant commerce platform, as well as DBS’s strong regional footprint in Asia. The ‘Mastercard Installments with Pine Labs’ program will be available for use with DBS/POSB credit cards for local transactions, while cross-border transactions are being planned in later phases.

“Pine Labs has been active in the ‘pay later’ space for a while now, helping to foster this growing trend in consumer financing,” said Dheeraj Chowdhry, Chief Business Officer & Head – Pay Later, Southeast Asia, Pine Labs. “The ‘Mastercard Installments with Pine Labs’ program allows merchants to potentially capture sales they might not have otherwise. With Mastercard’s vast payments network, and DBS’s extensive customer base and deep knowledge of regional commerce, we look forward to a partnership that I believe will rapidly accelerate the growth of this financing option.”

Said Sharon Chew, Senior Vice President, Customer Solutions, Southeast Asia, Mastercard: “Shoppers are increasingly demanding flexible payment options that suit their evolving needs. The ‘Mastercard Installments with Pine Labs’ program provides consumers in Asia greater control of their spending while giving them payments options that fit with their evolving needs. This partnership draws on expertise from three industry leaders, and aims to create a more universal, simplified way of implementing installment payments that benefits both consumers and businesses alike.”

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