Pine Labs, an Indian merchant commerce platform, and Visa have announced a partnership to bring Visa Instalment Solutions (VIS) to merchants across key Southeast Asian markets.
This collaboration utilises Pine Labs’ multi-issuer payment platform and aims to streamline the instalment payment process for businesses.
Previously, merchants typically needed separate agreements with multiple issuers and deployed numerous payment terminals to handle instalment transactions.
The new integrated system consolidates these processes, allowing customers to use their existing credit cards for both domestic and cross-border instalments.
Retailers including Courts, Hooga, and Chicco will be among the first to offer this unified instalment solution.
The service will initially launch in Singapore, Malaysia, and the Philippines, with plans for expansion into Thailand, Indonesia, and other Southeast Asian nations.
A key feature of the partnership is the enablement of cross-border instalments, a market-first in the instalment payment landscape.
Dheeraj Chowdhry, Chief Business Officer – SEA, Pine Labs, said,
“This collaboration plays on the strength of Visa’s vast global network and Pine Labs’ tech capabilities to provide flexible and intuitive instalment payment options for consumers. Facilitating consumer finance on already approved credit lines using their existing credit cards is expected to be a win-win for cardholders and merchants.
It empowers merchants and direct brands to boost ticket and basket size by taking the transaction up the affordability curve. This is further amplified by enablement of cross-border instalments during purchase – a feature that will be a “market-first” across the instalments landscape.”
Kim Hak J, Head of Products & Solution for Regional Southeast Asia, Visa said,
“According to Visa’s Green Shoots Radar Study, the usage of instalment solutions in Southeast Asia is significantly higher than the Asia-Pacific average. The same study showed that over the past two years, we have observed a notable increase in instalment payments usage, particularly in Malaysia, Thailand, and the Philippines.
This trend underscores the growing preference for flexible payment options among consumers in these markets, and we are excited to support this demand through our partnership with Pine Labs.”
Featured image credit: Edited from Freepik
