Mastercard and Pine Labs have teamed up to launch Mastercard Installments with Pine Labs in response to rising consumer demand for more flexible payment options. Filipino credit cardholders will be able to pay in interest-free monthly installments with their enrolled bank’s credit card anywhere they see the Pay Later identification under the new program. The program is available at local in-store merchants and will eventually expand to include online and cross-border merchants. Cardholders are not required to sign up.
The Mastercard Installments with Pine Labs service is not tied to any one payment network. As long as their issuing bank is engaged, consumers can pay in interest-free monthly installments with any credit card at establishments that display the Pay Later identity. Consumers will be able to pay in installments with their debit cards and even straight from their bank accounts via their mobile banking app in the future.
This installment program supports Philippine’s drive towards a cash-lite and eventually cashless society. In addition, it also provides consumers with greater control to manage their finances as they can split large purchases into interest-free monthly installments.
The Philippines is first among five Southeast Asian markets that will offer the Mastercard Installments with Pine Labs program. Consumers can currently access the program at over 20 merchant locations including selected Mandaue Foam, iSwitch, Autohub and CYA outlets (exclusive distributor of quality home appliance brands like Ariston, Fabriano, Indesit, Mabe, Blueair and others).
At present, there are seven banks in the Philippines whose cardholders will be enrolled in the program. Security Bank Corporation was the first issuer to pilot the program, and in the pipeline are Asia United Bank, China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank & Trust Co, Philippine National Bank and Rizal Commercial Banking Corporation.
“We’re honored to be the first bank to offer Mastercard Installments with Pine Labs for its customers. Tapping into the expertise of Mastercard and Pine Labs allows us to easily integrate and scale our installment offerings. Having a single access point into an installment network also makes reaching more merchants a lot simpler. This value proposition is aligned with our commitment to provide customer-centric solutions and BetterBanking experiences,” says Maki Tingson, EVP and Head of Retail Banking Segment, Security Bank Corporation.
Mastercard is committed to enabling advances in the payments ecosystem and fostering a more inclusive digital economy for everyone, everywhere. The Mastercard Installments with Pine Labs program delivers on that promise, combining the expertise and technology assets of Mastercard and Pine Labs, one of Asia’s leading merchant commerce platforms.
“After the COVID-19 outbreak, our furniture industry exploded.” We’ve seen an increase in the sale of ‘work from home’ furnishings. While individuals were spending more on home furnishings, we saw a new trend: a growing interest in purchasing these products on a monthly basis. As a result of the Mastercard Installments with Pine Labs initiative, we now have more credit card installment offers, allowing more consumers to take advantage of convenient and rapid payment choices at the time of purchase. “This is definitely having a good impact on our business,” a Mandaue Foam Management spokeswoman stated.
Businesses interested in offering Pay Later as a payment option to their consumers can submit an email to [email protected], and a Pine Labs representative will contact them.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Pine Labs
A leading merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company’s leading cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. To know more, please visit www.pinelabs.com.
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