DBS Bank is to roll out buy now, pay later services in Singapore, Indonesia and Hong Kong in partnership with Mastercard and Pine Labs.
The new programme, available to two million DBS customers, allows DBS/POSB credit cardholders to pay via interest-free installments at merchants displaying a ‘Pay Later’ identifier.
Launching in March, the programme will be accessible initially in Singapore, followed by Indonesia and Hong Kong in 2Q 2022.
Ananya Sen, group product head, digital consumer finance and card payments at DBS Bank, comments: “We are excited to be the first regional issuer in Asia to partner with Mastercard on this innovative BNPL solution. This will scale our BNPL touch points significantly, allowing two million customers to enjoy our BNPL offering across an extensive range of physical stores, e-commerce platforms and through our apps.”
The initiative complements DBS Bank's existing BNPL offerings in Singapore, which reached record growth in 2021, says Anthony Seow, DBS head of payments and platforms,
The partnership with Mastercard and Pine Labs scales the programme internationally and in later phases will be made available for cross-border transfers, he adds.