Mastercard has partnered with Pine Labs to offer Filipino credit cardholders the flexibility to pay in interest-free monthly installments and at the same time meet the growing consumer demand for more flexible payment options.
The new program offers credit cardholders the flexibility to pay in interest-free monthly installments with their enrolled bank’s credit card anywhere they see the Pay Later identifier.
Cardholders are not required to sign-up, and the program is available at local in-store merchants, and will subsequently expand to include online and cross-border merchants.
The Philippines is first among five Southeast Asian markets that will offer the Mastercard Installments with Pine Labs program.
Consumers can currently access the program at over 20 merchant locations including selected Mandaue Foam, iSwitch, Autohub and CYA outlets (exclusive distributor of quality home appliance brands like Ariston, Fabriano, Indesit, Mabe, Blueair and others).
At present, there are seven banks in the Philippines whose cardholders will be enrolled in the program.
Security Bank led by bankero Sanjiv Vohra was the first issuer to pilot the program, and in the pipeline are Asia United Bank of bankero Manuel Gomez, China Bank headed by bankero William Whang, Land Bank of the Philippines led by bankero Cecilia Borromeo, bankero Fabian Dee’s Metropolitan Bank & Trust Co. , Philippine National Bank led by bankero Wick Veloso, and bankero Eugene Acevedo’s Rizal Commercial Banking Corp.
Security Bank Head of Retail Banking Segment Maki Tingson said the listed bank is 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,” Tingson said.
Mastercard is committed to enabling advances in the payments ecosystem and fostering a more inclusive digital economy for everyone, everywhere.
The Mastercard Installments with Pine Labs program delivers on that promise, combining the expertise and technology assets of Mastercard and Pine Labs, one of Asia’s leading merchant commerce platforms.
