Mastercard and Pine Labs offer Filipino consumers more flexibility with cashless payment options

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Mastercard and Pine Labs have teamed up to offer Mastercard Installments with Pine Labs in response to rising consumer demand for more flexible payment options. Filipino credit cardholders will be able to pay in interest-free monthly installments with their enrolled bank’s credit card anywhere they see the Pay Later identification under the new program. The initiative is available at local in-store shops and will eventually expand to include online and cross-border businesses. Cardholders are not forced to sign up.

The Mastercard Installments with Pine Labs service is not tied to any one payment network. As long as their issuing bank is engaged, consumers can pay in interest-free monthly installments with any credit card at establishments that display the Pay Later identity. Consumers will be able to pay in installments with their debit cards and even straight from their bank accounts via their mobile banking app in the future.

This payment plan helps the Philippines achieve its goal of becoming a cash-lite, and eventually cashless society. Furthermore, it gives consumers more financial flexibility by allowing them to divide major purchases into interest-free monthly installments.

The Philippines is the first of five Southeast Asian regions to offer the Pine Labs Mastercard Installments program. The service is now available at over 20 merchant sites, including Mandaue Foam, iSwitch, Autohub, and CYA stores (exclusive distributor of quality home appliance brands like Ariston, Fabriano, Indesit, Mabe, Blueair, and others).

“We’re honored to be the first bank to offer Mastercard Installments with Pine Labs for its customers. Tapping into the expertise of Mastercard and Pine Labs allows us to easily integrate and scale our installment offerings. Having a single access point into an installment network also makes reaching more merchants a lot simpler. This value proposition is aligned with our commitment to provide customer-centric solutions and BetterBanking experiences,”

says Maki Tingson, EVP and Head of Retail Banking Segment, Security Bank Corporation.

Currently, cardholders from seven banks in the Philippines will be enrolled in the scheme. Asia United Bank, China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank & Trust Co, Philippine National Bank, and Rizal Commercial Banking Corporation were the first issuers to pilot the program, with Asia United Bank, China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank & Trust Co, Philippine National Bank, and Rizal Commercial Banking Corporation in the pipeline.

“Our furniture business grew leaps and bounds post the COVID-19 pandemic. We witnessed a surge in the sale of ‘work from home’ furniture items. Whilst people were spending more on home furniture, we also observed a new trend where there was a growing interest in installment purchase of these items. The Mastercard Installments with Pine Labs program has meant that we now have more credit card installment offers, and therefore more customers can now avail easy and quick installment options at the time of purchase. This is certainly having a positive impact on our business”,

said a spokesperson from Mandaue Foam Management. 

Mastercard is dedicated to advancing the payments ecosystem and building a more inclusive digital economy that benefits everyone, everywhere. Mastercard Installments with Pine Labs fulfills that promise by merging Mastercard’s knowledge and technological assets with Pine Labs, one of Asia’s premier merchant transaction platforms.


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