Mastercard and Pine Labs offer Filipinos cashless payment
TO meet growing consumer demand for more flexible payment options, Mastercard and Pine Labs have partnered to launch Mastercard Installments with Pine Labs.
The new program offers Filipino credit cardholders the ability to pay in interest-free monthly installments with their registered bank’s credit card wherever they see the Pay Later ID.
Cardholders are not required to register, and the program is available at local in-store merchants, and will later expand to include online and cross-border merchants.
The Mastercard installment program with Pine Labs is independent of the payment network. This means consumers can pay in interest-free monthly installments with any credit card at locations where they see the Pay Later ID, as long as their issuing bank is listed.
In the future, consumers will also be able to pay in installments with their debit card and even directly from their bank account via their mobile banking app.
This remittance program supports the Philippines’ drive to move towards a cash-light and eventually cashless society. Additionally, it also gives consumers more control over managing their finances, as they can split large purchases into interest-free monthly installments.
The Philippines is the first of five Southeast Asian markets to offer the Mastercard Payout program with Pine Labs. Consumers can currently access the program at more than 20 outlets, including select Mandaue Foam, iSwitch, Autohub and CYA outlets.
Security Bank Corp. was the first issuer to pilot the program, and in the pipeline are Asia United Bank, China Banking Corp., Land Bank of the Philippines, Metropolitan Bank & Trust Co., Philippine National Bank and Rizal Commercial Banking Corp.
For businesses interested in offering Pay Later as a payment option for customers, email [email protected] and a Pine Labs representative will contact you.