Pine Labs, announced a partnership with Bank Simpanan Nasional (BSN). This partnership to enable digital Pay Later on Pine Labs’ PoS terminals across Malaysia is expected to positively impact the business of retail merchants and help the country’s aspirational middle-class population meet their shopping needs. The instalment program is available for BSN Credit Cardholders at more than 10,000 merchant outlets in Malaysia that are powered by Pine Labs commerce platform.
With rising inflation in Malaysia and over half a million M40 (middle-income group) households slipping to the B40 (Bottom 40 percent) category, Malaysian middle-class consumers can now look forward to affordable ways to purchase with the option to pay by instalments up to 36 months at 0% rate. BSN cardholders can avoid the lump sum payment for their product purchase at offline stores powered by Pine Labs and convert the payment into equated monthly instalment options. BSN Cardmembers have started benefiting from this collaboration beginning 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 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 are delighted to now partner with BSN. We believe the bank’s customers would love the experience of availing these instalment purchases instantly.”
Mujibburrahman Abd Rashid, BSN’s Chief Business Officer, said,“Through this partnership with Pine Labs, we are opening payment options for our BSN Cardmembers and helping ease their worry on late charges and interest or management fees. Cardmembers can plan their spending and expenses with a 0% instalment benefit rate.”
Convenience stores, big-box retail stores, mini markets, and stores in the malls have faced the brunt of the COVID-19 pandemic. The gradually improving consumer sentiment is expected to aid Malaysia’s retail recovery this fiscal year.
