Pine Labs launches ‘Buy Now Pay Later’ in Malaysia
Published 30 March 2021
Asian merchant e-commerce platform Pine Labs, has launched its Buy Now Pay Later (BNPL) offering in Malaysia.
Pine Labs has already achieved success with offline BNPL services in India where it has 95 per cent market share. The foray into Malaysia by the company’s subsidiary Pine Payment Solutions Sdn Bhd, which is a subsidiary of Pine Labs Pte Ltd.
The development comes at an interesting time when there is pent-up demand among consumers. After a prolonged period of lockdown, consumers want easier access to credit and merchants are looking for newer ways to revive sales.
Pine Labs’ BNPL launch in Malaysia will further accelerate digital payments adoption in the country and make it possible for merchants to sell more in this tough business environment post the pandemic.
Key investors in Pine Labs include Actis Capital, Mastercard, PayPal, Sequoia India and Temasek.
“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 attractive option for all stakeholders, 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.
Also, Pine Labs subsidiary, Qwikcilver has made significant progress in evangelising and pioneering the Prepaid Stored Value and Gift Card category in the Southeast Asian region over the last two years.
The Qwikcilver Stored Value technology platform is now the most preferred Gift Card suite adopted by the leading organisations and networks in Singapore, Indonesia and Malaysia. Some of the flagship enterprises, networks and brands that have deployed the Qwikcilver Stored Value technology suite include Lazada, CapitaLand, Frasers Group, PT. Mitra Adiperkasa (MAP Group), Indonesia amongst others.
Pine Labs provides an offline payments solution where on a single terminal, multiple credit issuers can make BNPL offers to customers. This could be an interesting offering in Malaysia, an economy that is expected to post positive growth this year as per a projection by The World Bank.
The company has ambitious plans to launch BNPL in the rest of the Southeast Asia markets. Late last year, Pine Labs had announced its intent to launch an integrated pay later instalment solution in partnership with Mastercard to markets like Thailand, Philippines, Vietnam, Singapore, and Indonesia.