Singapore-based payments platform 2C2P and merchant commerce omnichannel platform Pine Labs have partnered to expand Buy Now Pay Later (BNPL) across Asia in six key markets, namely Singapore, Malaysia, Hong Kong, Indonesia, the Philippines and Thailand.

Both parties said in a statement on Thursday this partnership is expected to boost consumer confidence in the region and empower retail merchants to sell more and sell often to their customers.

Pine Labs’ BNPL strategy has a strong track record in India and has now expanded into various Southeast Asian markets. Since its launch in Singapore, Pine Labs Pay Later has emerged as a flexible payment option for merchants across a variety of verticals, including retail and tech, counting the likes of Eu Yan Sang, Samsung, OPPO, and more as its clients.

Unlike other BNPL offerings, Pine Labs works with issuing banks to enable cardholders of participating issuing banks to purchase items with multiple and longer instalment tenures, without having to download any mobile application or subscribe to any additional e-wallet or payment services. Cardholders will be able to make instant instalment payments at checkout up to their pre-approved credit limit with no interest charge.

“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,” said Dheeraj Chowdhry, Chief Business Officer & Head – Pay Later, Southeast Asia, Pine Labs.

“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,” he added.

Agnes Chua, Executive Director of Business and Product Development of 2C2P, said BNPL solutions have emerged as an essential capability for card issuers and merchants across the globe.

“In doing so, by partnering with Pine Labs, we are excited to aggregate customer demand and increase retailers’ cross-sell opportunities,” he said.

“If shoppers prefer a BNPL fintech solution, we are here and enabling it; if they want an option from their banks, we’re offering those too. At 2C2P, we are always looking for new ways to support our merchants’ growth and enhance the payment experience by offering all types of payment options,

“With the shift in demand for digital payments and the appeal of interest-free payments, BNPL is an effective tool to expand sales and attract younger tech-savvy customers,” he added.

Cited an IDC report commissioned by 2C2P, the statement highlighted that BNPL spending is expected to expand by $9.8billion in 2026, a 3.5 times increase from 2021.

In addition, retail sales in Singapore grew by 11.2 percent year on year in September 2022, marking the seventh straight month of increase in retail trade this year.

Amidst the positive outlook for retail trade, the ease of instalment purchase offerings at the offline point of sale will encourage the continued growth of the retail industry amidst post-COVID-19 disruptions.

Pine Labs is merchant commerce omnichannel platform operating across India and Southeast Asia. Its tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale.

In digital payments, its online payments cloud-based software Plural represents a one-stop payments destination across channels.

In issuing, its go-to gift card provider Qwikcilver serves leading corporates, Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, the Banking, Financial Services and Insurance (BFSI) sector and the airline industry, with a presence across India, the Middle East, Southeast Asia and Australia.

In consumer app, its Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.

Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.

2C2P is a full-suite payments platform helping the world’s leading enterprises securely accept and make payments through one point of integration.

Its far-reaching network extends across online, mobile and offline channels including over 400,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere.

2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need.

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