GLOBAL fintech company Pine Labs is deepening its expansion in the Philippines, making GCash for Business its first payments partner as it seeks to capitalize on one of Southeast Asia’s fastest-growing digital payments markets.
The partnership integrates Pine Labs’ payment infrastructure into GCash’s merchant acquiring platform, allowing businesses to accept card and QR code payments through a single point-of-sale terminal while adding installment payment plans, rewards, loyalty programs and cashback features. The collaboration is aimed at helping micro, small and medium enterprises (MSMEs) adopt more advanced digital payment capabilities.
For Pine Labs, the agreement marks more than a commercial partnership. It is part of a broader strategy to establish a long-term presence in a market where digital wallets, QR payments and electronic commerce continue to expand.
“The Philippines is an important market for us,” Dheeraj Chowdhry, chief business officer for Southeast Asia at Pine Labs, told The Manila Times in an exclusive online interview. “We are there for the long run.”
The Singapore-incorporated company entered the Philippine market about a year ago and already operates an office in Makati with local employees. Beyond GCash, it also works with Land Bank of the Philippines on prepaid card issuance and powers one of SM Retail’s largest gift card programs.
Behind the scenes of digital payments
Unlike digital wallets or banks that interact directly with consumers, Pine Labs operates in the background.
Its technology enables banks, merchants and financial institutions to process electronic payments, issue prepaid and gift cards, manage merchant payment acceptance and support installment payment programs. Rather than competing with GCash or Maya, Pine Labs provides much of the payment infrastructure that allows those digital payment ecosystems to function.
Founded 25 years ago, the company now operates in 22 countries. While India remains its largest market, Pine Labs said its international business has become one of its fastest-growing segments.
“Our role is to power banks and enterprises,” Chowdhry said. “We are the technology operating system that helps money move seamlessly.”
Betting on Philippines
Chowdhry said the Philippines stands out because of its young population, widespread smartphone usage and growing acceptance of digital payments despite relatively low banking penetration.
He noted that digital wallets such as GCash and Maya have accelerated financial inclusion by enabling millions of Filipinos without traditional bank accounts to participate in electronic commerce.
Across Southeast Asia, digital payment transactions now total about $1.7 trillion annually and continue to expand at double-digit rates, making the region one of the world’s fastest-growing fintech markets.
“The Philippines market is extremely attractive,” Chowdhry said.
One terminal instead of many
Pine Labs believes one of the biggest opportunities lies in simplifying payment acceptance for merchants.
Many retailers continue to operate separate payment terminals for different banks, card issuers and payment providers, increasing costs and adding complexity at checkout.
Its platform consolidates those payment channels into a single terminal capable of accepting credit cards, debit cards, QR code payments and digital wallets.
The company is also introducing technology that allows banks to convert credit card purchases into installment plans at the point of sale.
Unlike Buy Now, Pay Later (BNPL) providers that extend consumer credit directly, Pine Labs does not assume lending risk. Instead, it supplies the technology that enables banks to offer installment financing using existing credit cards.
“We provide the technology behind that structure,” Chowdhry said.
The executive estimated the Philippine card payments market at roughly $120 billion annually, while QR payments and digital wallets continue to post strong growth.
Opportunities beyond Metro Manila
Chowdhry said Pine Labs also sees growing demand among smaller businesses, particularly outside Metro Manila, where access to modern payment technology remains limited.
Its payment platform is designed to help banks deploy installment services and digital payment acceptance to smaller merchants without requiring expensive infrastructure, potentially allowing businesses to increase sales while giving consumers more flexible payment options.
During the Covid-19 pandemic, LandBank used Pine Labs’ platform to issue prepaid cards for farmers receiving government assistance, demonstrating how payment technology can also support government financial inclusion initiatives.
AI enters payments business
Artificial intelligence is emerging as another focus for the company.
Pine Labs has introduced what it calls “Agentic Commerce,” an AI-powered payment protocol first launched in India that is expected to expand into additional markets.
“There is great opportunity for AI in the payment sector,” Chowdhry said. “AI is helping us move from a productivity era to an intelligence era.”
He acknowledged that telecommunications infrastructure remains a challenge in parts of the Philippines, particularly in remote provinces, but said improving mobile network coverage is steadily expanding access to digital financial services.
Chowdhry also stressed that regulatory compliance remains fundamental to Pine Labs’ expansion strategy.
“Compliance is always a competitive advantage at Pine Labs,” he said. “Whenever we enter a market, we make sure we comply with all local regulations.”
As digital wallets, QR payments and electronic commerce continue to reshape the Philippine financial landscape, Pine Labs is positioning itself as one of the technology providers working behind the scenes to modernize how banks, merchants and consumers move money across the country’s rapidly expanding digital economy.