TechinAsia
 
Singapore-based 2C2P has partnered with Pine Labs to expand the India-based firm’s buy now, pay later services (BNPL) to Singapore, Malaysia, Hong Kong, Indonesia, Thailand, and the Philippines.
 
Pine Labs works with banks to allow customers to purchase items using multiple and longer installment plans. In 2021, the company acquired Singapore-based fintech platform Fave, which launched a BNPL service in Malaysia and Singapore shortly after being acquired.
 
Pine Labs’ partnership with 2C2P, which will see its BNPL offering reach more customers across the six markets, comes as the industry is expected to see continued growth in the years ahead.
 
A recent report from market research firm IDC, commissioned by 2C2P, expects BNPL spending to grow to US$9.8 billion by 2026. That figure is 3.5x more than the spending recorded last year.
 
“With the shift in demand for digital payments and the appeal of interest-free payments, BNPL is an effective tool to expand sales and attract younger tech-savvy customers,” said Agnes Chua, executive director of business and product development at 2C2P.