Pine Labs, a merchant commerce omnichannel platform, has formed a partnership with payments firm 2C2P to improve buy now pay later (BNPL) services in six Southeast Asian countries.
The collaboration will cover Singapore, Malaysia, Hong Kong, Indonesia, the Philippines and Thailand.
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Under the tie-up, cardholders of Pine Labs’ partner issuing banks will be able to instantly pay for their purchases in instalments during checkout.
The cardholders will receive the benefit as per their pre-approved credit limit without any interest.
With the alliance, both the firms seek to improve consumer confidence in the region and enable retail merchants to make additional selling.
A report commissioned by 2C2P revealed that BNPL expenditure is estimated to increase by $9.8bn in 2026, representing a 3.5x growth from 2021.
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By GlobalDataPine Labs chief business officer and head of pay later in Southeast Asia Dheeraj Chowdhry said: “We are delighted with the rapid strides we are taking in Southeast Asia when it comes to expanding our Buy Now Pay Later proposition.
“In this respect, we are excited to announce today our partnership with leading payments player 2C2P.
“With more young shoppers preferring digital modes of payments, we believe our BNPL offering will hit the right chord with the discretionary consumer of today and help merchants in the region drive sales, especially of big-ticket items, and contribute to a positive customer experience.”
Pine Labs currently works with issuing banks to help cardholders of those banks to pay in multiple or longer instalments against their shopping.
In July this year, ET reported that Pine Labs received in-principal nod for a payment aggregator (PA) licence from the Reserve Bank of India (RBI).
