Mastercard boosts cashless payment | Philstar.com
MANILA, Philippines – Mastercard has partnered with Pine Labs to offer Filipino credit cardholders the option to pay in interest-free monthly installments.
The Philippines is the first of five Southeast Asian markets to offer the Mastercard installment program with Pine Labs to meet growing consumer demand for more flexible payment options.
“Leveraging the expertise of Mastercard and Pine Labs allows us to easily integrate and scale our installment offerings. Having a single point of access to a payout network also makes reaching more merchants much easier. This value proposition is aligned with our commitment to providing customer-centric solutions and BetterBanking experiences,” said Maki Tingson, Executive Vice President and Head of Retail Banking at Security Bank.
Besides Security Bank, six other Philippine banks whose cardholders would be enrolled in the program include Asia United Bank, China Bank, Land Bank of the Philippines, Ty-led Metropolitan Bank & Trust Co, Philippine National Bank of Tobacco and Airlines. tycoon Lucio Tan as well as Rizal Commercial Banking Corp., run by Yuchengco.
Consumers can access the program at more than 20 outlets, including select Mandaue Foam, iSwitch, Autohub and CYA (exclusive distributor of premium home appliance brands like Ariston, Fabriano, Indesit, Mabe, Blueair and others).
The Mastercard installment program with Pine Labs is independent of the payment network. This means consumers can pay in interest-free monthly installments with any credit card at locations where they see the Pay Later ID, as long as their issuing bank is listed. In the future, consumers will also be able to pay in installments with their debit card and even directly from their bank account via their mobile banking app.
This remittance program supports the Philippines’ drive towards a cash-lite and eventually cashless society. Additionally, it also gives consumers more control over managing their finances, as they can split large purchases into interest-free monthly installments.
Mastercard is a global technology company in the payments industry, while Pine Labs is a leading merchant commerce platform serving leading large, medium and small merchants in India and Southeast Asia.
As part of its digital payments transformation roadmap, Bangko Sentral ng Pilipinas aims to shift 50% of total retail transactions to electronic channels and increase the number of Filipino adults to 70% by 2023 .