DBS: Mastercard, DBS Bank and Pine Labs offer consumers a new payment option in several Asian cities | Bahasa

Indonesia, March 01, 2022 – Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs’ – a new program that allows DBS/POSB credit cardholders to pay via interest-free installments at merchants with the ‘Pay Later’ identifier, on simple presentation of his DBS/POSB card at the cash desk.

Launched in March, the program will be available to all DBS/POSB credit card holders initially in Singapore, followed by Indonesia and Hong Kong in the coming months. Consumers will benefit from a seamless and secure experience to access Buy Now, Pay Later (BNPL) offers at checkout at a variety of merchants. DBS is the first regional issuer in Asia to offer this program to its clients, and key program highlights include:

  • Instant payout approval at checkout (up to a cardholder’s pre-approved credit limit)

  • Flexible repayment periods with no interest charges

  • Available exclusively on all DBS Mastercard, Visa and American Express credit cards

  • Peace of mind with Mastercard’s network of trusted merchants

Commenting on the ad, Ananya Sen, Group Product Manager, Digital Consumer Finance and Card Payments at DBS Bank, said: “We are delighted to be the first regional issuer in Asia to partner with Mastercard on this innovative BNPL solution. This will significantly expand our BNPL touchpoints, enabling two million customers to take advantage of our BNPL offering across a wide range of physical stores, e-commerce platforms and through our apps.”

“This new partnership with Mastercard is particularly significant for us, given that our BNPL-related sales in Singapore reached record growth in 2021,” added Anthony Seow, Head of Payments and Platforms, DBS Bank. “Combined with growing consumer demand for installment payment options and a superior shopping experience, we believe this collaboration will further accelerate our growth in the BNPL space as more customers can benefit from responsible management of their credit while enjoying payment flexibility.”

The partnership leverages the expertise and technology assets of Mastercard and Pine Labs, a leading merchant commerce platform, as well as DBS’s strong regional presence in Asia. The “Mastercard Installments with Pine Labs” program will be available for use with DBS/POSB credit cards for local transactions, while cross-border transactions are planned in later phases. A launch in Indonesia and Hong Kong SAR will take place in the first half of 2022.

“Pine Labs has been active in the ‘pay later’ space for some time now, helping to foster this growing consumer finance trend,” said Dheeraj Chowdhry, Commercial Director and Head – Pay Later, Southeast Asia, Pine Labs. “The ‘Mastercard Payouts with Pine Labs’ program allows merchants to potentially capture sales they might not otherwise have. With Mastercard’s extensive payments network, DBS’s vast customer base and deep knowledge of regional trade, we look forward to a partnership that I believe will rapidly accelerate the growth of this financing option.”

Noted Sharon Chew, Senior Vice President, Client Solutions, Southeast Asia, Mastercard“Shoppers are increasingly demanding flexible payment options that meet their ever-changing needs. The ‘Mastercard Installment Payments with Pine Labs’ program gives consumers in Asia greater control over their spending while giving them options The partnership leverages the expertise of three industry leaders, and aims to create a more universal and simplified way to implement installment payments that benefits both consumers and businesses.

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About DBS
DBS is a leading financial services group in Asia, present in 18 markets. Headquartered and listed in Singapore, DBS is present in all three major Asian growth areas: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognized for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of using digital technology to shape the future of banking, having been named ‘World’s Best Digital Bank’ by Euromoney and ‘Most Innovative in Digital Banking’ in the world by The Banker. Additionally, DBS has received the “Safest Bank in Asia” award from Global Finance for 13 consecutive years from 2009 to 2021.

DBS offers a full range of services in the area of ​​personal, SME and corporate banking. As a bank born and raised in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with its customers and positively impacting communities by supporting social enterprises, as it does its banking the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and a focus on engaging and empowering its people, DBS presents exciting career opportunities. For more information, visit www.dbs.com.

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