Filipino online payments provider PayMongo partnered with omnichannel merchant commerce platform Pine Labs to enable businesses to accept credit card installment payments through Mastercard Installments. This program will enable over 10,000 businesses under PayMongo’s platform to allow their customers to pay through interest-free installment plans of 3, 6, or 12 months, with the Pay Later identifier as an option in their checkouts.
The Mastercard Installments with Pine Labs program is payment network agnostic. This means consumers can pay in interest-free monthly installments with any credit card at establishments or online platforms where they see the Pay Later identifier, if their issuing bank is enrolled. This is currently available through Security Bank and Asia United Bank (AUB) Mastercard credit cards, and soon, cardholders of other major banks in the country will be eligible to transact through the Mastercard Installments with Pine Labs program as well.
According to Dheeraj Chowdhry, Chief Business Officer & Head – Pay Later, Southeast Asia, Pine Labs, “Philippines is a fast-emerging market for Mastercard Installments with Pine Labs. It is a country with tremendous potential for digital payments adoption and digital Pay Later specifically, thanks largely to a young aspirational middle class looking for affordable ways to complete their in-store and online purchases. This partnership with PayMongo is a response to the growing consumer demand for flexible payment options and will provide online merchants an avenue to drive sales.”
InLife Health Care, a fully-owned subsidiary of Insular Life, is one of the first merchants to accept Pay Later via PayMongo. Following IHC’s launch with PayMongo, customers now have access to an easy, affordable way to settle their membership fees through card installments with PayLater via PayMongo. This allows customers to retain the benefits of their health coverage while choosing payment schedules that are most achievable for them.
“The partnership with PayMongo is a win for our customers and IHC. Health coverage is a necessity. PayMongo’s Card Installments enable our customers to get health plans that are light on the budget. It is our goal to provide health coverage that is both accessible and affordable. In addition, PayMongo’s support in our credit and collection cycle allows us to focus on growing our businesses.” said InLife Health Care’s President and CEO, Noemi G. Azura.
“We’re proud to partner with Pine Labs to allow our merchants to integrate seamlessly with bank partners and accept card installments with Pay Later. In the process, we empower both businesses and consumers to benefit from flexible payment options. Our partner e-commerce businesses can now move products and scale faster while their customers enjoy the ability to buy their needs immediately,” said Miel Pahati, PayMongo Head of Partnerships.
In the Philippines, Buy Now Pay Later (BNPL) payments adoption is expected to clock a CAGR of ~51% during 2022-2028, as per a Research and Markets estimate.[1]
[1] https://www.prnewswire.com/news-releases/philippines-buy-now-pay-later-bnpl-markets-report-2022-2028-bnpl-firms-are-raising-funds-to-focus-on-regional-expansion-and-new-product-developments-301546891.html
