11th August 2022 - 2 min read
Merchant commerce platform Pine Labs has joined hands with Bank Simpanan Nasional (BSN) to introduce a new digital Pay Later payment option, which can be accessed via Pine Lab’s point-of-sales (PoS) terminals across Malaysia. With this, BSN credit cardholders will be able to spread the cost of their purchases across several instalments at 0% interest.
In a joint statement, Pine Labs explained that the Pay Later option will allow Malaysians to pay for their purchases in instalments for up to 36 months, with the maximum amount allowed depending on the credit line that they have with the bank. This, in turn, will provide them – particularly those in the M40 income group – with some flexibility in managing their expenses as they do not need to immediately cough up a huge sum for full payment, such as when making big-ticket purchases.
“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,” said the head of payment business for Pine Labs (APAC), Chayan Hazra.
Meanwhile, the chief business officer of BSN, Mujibburrahman Abd Rashid said that BSN hopes to help ease its cardholders’ worries on late charges and interest or management fees via this collaboration with Pine Labs. “Cardmembers can plan their spending and expenses with a 0% instalment benefit rate,” he said.
The Pay Later option has actually already been made available to eligible cardmembers since July 2022, but was only officially launched now. If you’re also a BSN cardholder, you can tap into the Pay Later option at more than 10,000 merchant outlets in Malaysia that are powered by Pine Labs.
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