17 Nov - 2 min read
Standard Chartered has partnered with India-based merchant commerce platform Pine Labs to enable the buy-now-pay-later (BNPL) payment option for its credit cardholders when they shop at selected merchants.
With this update, Standard Chartered cardholders will be able to tap into the interest-free instalment payment option at over 25,000 merchant outlets that are utilising Pine Labs’ offline point-of-sale (POS) terminals in Malaysia. Among some of these retailers include Eu Yan Sang, Machines, and Al-Ikhsan.
The head of consumer, private, and business banking at Standard Chartered Malaysia, Sammeer Sharma said that this collaboration will connect the bank’s customers to a wider ecosystem of merchant, and provide a flexible and manageable way to cope with purchases or paying bills. “This is in line with the bank’s commitment to improve product access, financial inclusion, and value-added services to our clients,” he said.
The head of payment business for Pine Labs (APAC), Chayan Hazra also chimed in with a similar opinion. “Traditionally, the focus of banks have been mainly towards consumer electronics and home improvement due to the big-ticket purchase in these categories for BNPL. Now, with the changing consumer shift towards a need for every possible saving opportunity during checkout, newer categories are fast emerging,” he commented, adding that Pine Labs is also planning to periodically roll out exclusive cashback and discounts for Standard Chartered’s credit cardholders in the future.
Aside from the new BNPL payment option, Standard Chartered cardholders also have access to other flexible payment options by the bank, including a 0% easy payment scheme with participating merchants.
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