DBS Rolls Out BNPL Payments for Credit Card Users With Mastercard and Pine Labsby Fintech News Singapore March 1, 2022
Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs”, enabling DBS/POSB credit cardholders to access Buy Now, Pay Later (BNPL) offers at checkout across a variety of merchants.
DBS is the first regional issuer in Asia to offer this to its customers, and key highlights of the offering includes instant installment approval at checkout up to a cardholder’s pre-approved credit limit and flexible installment repayment periods with no interest charge.
This payment option is available exclusively on all DBS Mastercard, Visa and American Express credit cards.
Launching in March, the payment option will be available to all DBS/POSB credit cardholders initially in Singapore, then followed by Indonesia and Hong Kong in 2Q 2022.
DBS said that cross-border transactions are being planned in later phases.
Ananya Sen, Group Product Head, Digital Consumer Finance and Card Payments at DBS Bank said,
“We are excited to be the first regional issuer in Asia to partner with Mastercard on this innovative BNPL solution.
This will scale our BNPL touch points significantly, allowing two million customers to enjoy our BNPL offering across an extensive range of physical stores, eCommerce platforms and through our apps.”
Dheeraj Chowdhry, Chief Business Officer & Head – Pay Later, Southeast Asia, Pine Labs said,
“The ‘Mastercard Installments with Pine Labs’ program allows merchants to potentially capture sales they might not have otherwise.
With Mastercard’s vast payments network, and DBS’s extensive customer base and deep knowledge of regional commerce, we look forward to a partnership that I believe will rapidly accelerate the growth of this financing option.”