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September 07, 2021
0% instalment payment in retail stores powered by Pine Labs is now available for Citi credit cardholders across thousands of POS terminals nationwide.
Kuala Lumpur, Malaysia – September 7, 2021: Pine Payment Solutions Sdn. Bhd, a subsidiary of Pine Labs, one of Asia’s leading merchant commerce platforms, today announced that its partnership with one of the leading credit card issuer Citi Malaysia is now live, enabling Citi Malaysia credit cardholders to enjoy zero percent interest instalment payment (also known as Citi 0% Easy Pay Plan).
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.
Citi Malaysia Head of Cards and Unsecured Lending, Alicia Lau said, “In partnership with Pine Labs, our aim is to enable the Citi 0% Easy Pay Plan (EPP) at more than 1000 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 percent interest. Citi credit cardholders will also be able to 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 better serve our clients’ needs.”
“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. 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,” said Chayan Hazra, Head - Payment Business - APAC, Pine Labs.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: https://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
One of Asia's leading merchant commerce platforms, Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East. The company's unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a leading consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and has also been launched in India. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. To know more, please visit www.pinelabs.my