Mastercard and Pine Labs offer Filipino consumers more flexibility with cashless payment options

. The new program will offer Filipino credit cardholders the flexibility to pay in interest-free monthly installments with their enrolled bank’s credit card anywhere they see the Pay Later identifier. Cardholders are not required to sign-up, and the program is available at local in-store merchants, and will subsequently expand to include online and cross-border merchants.

This installment program supports Philippine’s drive towards a cash-lite and eventually cashless society. In addition, it also provides consumers with greater control to manage their finances as they can split large purchases into interest-free monthly installments. At present, there are seven banks in the Philippines whose cardholders will be enrolled in the program. Security Bank Corporation was the first issuer to pilot the program, and in the pipeline are Asia United Bank, China Banking Corporation, Land Bank of the Philippines, Metropolitan Bank & Trust Co, Philippine National Bank and Rizal Commercial Banking Corporation.

Mastercard is committed to enabling advances in the payments ecosystem and fostering a more inclusive digital economy for everyone, everywhere. The Mastercard Installments with Pine Labs program delivers on that promise, combining the expertise and technology assets of Mastercard and Pine Labs, one of Asia’s leading merchant commerce platforms.

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