The Fintech Times
 
Malaysian payment gateway provider senangPay is strategically partnering with India-based Pine Labs, a technology company digitising commerce, to introduce the Instalment Payment Plan (IPP) under its payment gateway solutions.
Through the collaboration with Pine Labs, merchants using the senangPay payment gateway can now offer IPP, offering customers greater flexibility for high-value purchases. The integration of senangPay’s IPP requires a single integration only, enabling merchants to connect with multiple major banks for IPP transactions.
 
As a homegrown Malaysian payment gateway, senangPay remains committed to empowering local businesses with seamless digital payment solutions. In 2022, senangPay became part of DOKU, Indonesia’s payment gateway. senangPay says the acquisition strengthens its position in Malaysia while creating potential opportunities for future payment innovations between Malaysian and Indonesian businesses, reinforcing its role in the evolving digital payment landscape.
 
“As demand for instalment payment grows, businesses need the right tools to offer their consumers greater financial flexibility,” explained Sharad Gulhar, EVP and country head, Malaysia at Pine Labs. “Instalment plans help improve customer engagement with the brand, keeping businesses competitive. With our single-integration solution with senangPay, merchants can process IPP seamlessly online without the need for separate integrations with multiple banks.”
 
Pine Labs, a fintech firm specialising in online payments and in-store digital payment solutions, affordability solutions, and embedded finance solutions, offers credit processing and a full-stack issuing technology platform to enable merchants to issue, process, distribute, as well as manage their physical and digital prepaid instruments.
 
Ensuring payment flexibility
IPP was introduced through a pilot run with selected senangPay merchants spanning various industries, including membership clubs, education, health and beauty, professional services, and online retail.
 
“At senangPay, we aim to empower businesses with a complete payment ecosystem. Partnering with Pine Labs expands our offerings, equipping merchants with a strong tool to drive sales through instalment payments. Combined with our e-wallets, BNPL, FPX, and card payment solutions, this collaboration reinforces our mission to support local businesses with seamless digital transactions,” Aaron Chin, CEO of senangPay, also added.
 
One of IPP’s early adopters, 1Fit App, a platform offering seamless access to multiple fitness centres and wellness programmes, saw a 2x increase in demand for payments made through the IPP option.
 
“Our platform prioritises flexibility, allowing members to join fitness and wellness classes without long-term commitments to a specific studio or programme,” said Murat Alikhanov, CEO at 1Fit. “With our app, they can access classes anytime, anywhere, at their convenience. The addition of IPP further enhances our platform’s user-friendliness by providing members with greater financial flexibility to invest in their fitness and wellness journeys.”
 
With tenures from three to 24 months, instalment payments help consumers manage expenses while merchants attract higher-spending customers.