KUALA LUMPUR: Pine Payment Solutions Sdn Bhd (PPS), a subsidiary of Pine Labs, announced today a partnership with Citi Malaysia that will allow the bank's credit cardholders to enjoy interest-free instalments.
Citi Malaysia head of cards and unsecured lending Alicia Lau said in partnership with Pine Labs, the bank aims to enable the Citi Zero Easy Pay Plan (EPP) at more than 1,000 retail stores nationwide within the next few months.
"This feature will give our credit cardholders the option to split big purchases into affordable monthly instalments at zero per cent interest.
Citi credit cardholders will also earn rewards such as Rewards Points, PremierMiles or Cash Back by using this feature.
"This partnership showcases our growth strategy and reaffirms our commitment to serving our clients' needs better," she said in a statement today.
Pine Labs has been scaling its 'pay later' offerings in Malaysia.
The company has a proven use case in India, where it has a major share in instalment payment services.
"We believe our tech-first merchant commerce platform provides us with a competitive advantage.
"What we believe makes us unique is the availability of multiple issuers on a single platform to help enable greater payment choice for customers in Malaysia and empower merchants to sell more, sell often using the platform. Pine Labs APAC head, payment business Chayan Hazra said.
"Today, we are truly excited to announce our partnership with Citi Malaysia which will further widen our reach and help us delight Malaysians with exciting offers at the point of sale.
"With Citi's large credit card customer base soon being provided with the Pay Later option powered by Pine Labs, we are also excited for the business growth potential with merchants," he said.