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March 30, 2021updated 05 Apr 2021 4:00pm

Pine Labs launches Buy Now Pay Later in Malaysia

By Mohamed Dabo

Pine Labs, a major merchant commerce platform in Asia, has announced the launch of its Buy Now Pay Later (BNPL) offering in Malaysia.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Pine Labs has already achieved tremendous success with offline BNPL services in India where it has 95% market share.

The foray into Malaysia by the company’s subsidiary Pine Payment Solutions comes at an interesting time when there is pent-up demand among consumers after a prolonged period of lockdown. Consumers want easier access to credit, and merchants are looking for newer ways to revive sales.

Pine Labs’ BNPL launch in Malaysia will further accelerate digital payments adoption in the country and make it possible for merchants to sell more in this tough business environment post the pandemic.

Expanding partnership with Mastercard

Kush Mehra, chief business officer of Pine Labs, said:

“We’re quite upbeat about the expansion plans around our very successful tech-focused Buy Now Pay Later product and are excited at its launch in Malaysia.

“It is an excellent product and a win-win proposition for everyone involved including consumers who get affordable buying options. Merchants are getting an enticing proposition to woo customers back to the stores and boost their sales. Banks and brands get to build their brand loyalty.

“This integrated solution that we launched with Mastercard will now be further expanded to newer markets in the region,” 

CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank are the top banks in Malaysia that are already on Pine Labs’ BNPL platform.

Some of the key merchants for which this solution will soon be rolling out include Senheng, DirectD, Ogawa, Gintell, Herbaline, and E.S.H. Electrical.

“Consumers today are looking for affordable ways to pay for their purchases.”

Amy Tan is the communications director, DirectD Retail & Wholesale Sdn Bhd, the largest and fastest-growing mobile phone retailer in Malaysia. She said:

“At DirectD, our mission is to help every Malaysian stay connected via smart devices. We believe consumers today are looking for affordable ways to pay for their purchases.

“Pine Labs’ integrated technology-backed solution makes the Pay Later activation a seamless process, hence improving customer journey. We look forward to leveraging Pine Labs’ capabilities in enhancing our current system.”

Pine Labs providing a tech-first offline payments solution where on a single terminal multiple credit issuers can make BNPL offers to customers will be an interesting offering in Malaysia.

The company has ambitious plans to launch BNPL in the rest of the Southeast Asia markets.

Late last year, Pine Labs announced its intent to launch an integrated pay later instalment solution in partnership with Mastercard in markets like Thailand, Philippines, Vietnam, Singapore, and Indonesia.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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