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2C2P and Pine Labs partner to expand BNPL Acceptance in Southeast Asia

Thursday 1 December 2022 14:31 CET | News

Singapore-based payments platform 2C2P has teamed with Pine Labs to increase Buy Now, Pay Later (BNPL) acceptance in six Asian markets.

 

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 in Singapore, Malaysia, Hong Kong, Indonesia, the Philippines, and Thailand will be able to make instant instalment payments at checkout up to their pre-approved credit limit with no interest charge.

Singapore-based payments platform 2C2P has teamed with Pine Labs to increase Buy Now, Pay Later (BNPL) acceptance in six Asian markets.

Increasing consumer confidence in BNPL products

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.

Pine Labs’ officials said that they are delighted with the rapid strides they are taking in Southeast Asia when it comes to expanding their Buy Now, Pay Later proposition. With more young shoppers preferring digital modes of payments, they believe their 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.

Representatives from 2C2P explained that BNPL solutions have emerged as an essential capability for card issuers and merchants across the globe. In doing so, by partnering with Pine Labs, they are excited to aggregate customer demand and increase retailers' cross-sell opportunities. If shoppers prefer a BNPL fintech solution, they are there and enabling it. If they want an option from their banks, they're offering those too. 2C2P is always looking for new ways to support their 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.

Shifts in the BNPL ecosystem

According to an IDC report commissioned by 2C2P, BNPL spending is expected to expand by USD 9.8billion in 2026, a 3.5x increase from 2021. In addition, retail sales in Singapore grew by 11.2% year on year in September 2022, marking the seventh straight month of increase in retail trade in the 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.


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Keywords: BNPL, expansion, instalment payments, partnership, ecommerce
Categories: Payments & Commerce
Companies: 2C2P, Pine Labs
Countries: Asia
This article is part of category

Payments & Commerce

2C2P

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Pine Labs

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