Fintech firm Pine Labs has joined forces with Visa to introduce Visa Instalment Solutions (VIS) on its multi-issuer payment platform, enhancing payment “flexibility” for merchants in Southeast Asia.
This collaboration will allow merchants to offer instalment payment options for both domestic and international transactions, simplifying the process which previously required multiple issuers and payment terminals.
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The Visa Instalment Solutions will be initially available on Pine Labs’ network of merchants in Singapore, Malaysia, and the Philippines.
The service is set to expand to Thailand, Indonesia, and other Southeast Asian markets subsequently.
Merchants such as Courts, Hooga, and Chicco will be among the first to provide this integrated instalment solution to their customers.
Pine Labs SEA chief business officer Dheeraj Chowdhry 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.”
Visa Regional Southeast Asia Head of Products & Solution Kim Hak J 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.
In January this year, Pine Labs expanded its alliance with SBI Payments, a joint venture between the State Bank of India and Hitachi Payment Services.
Building on their 12-year tie-up, the two entities aim to speed up the adoption of digital payments and digital commerce solutions.
