Mastercard has expanded Mastercard Installments, its Buy Now, Pay Later (BNPL) product, to consumers in the United Arab Emirates (UAE) and Saudi Arabia.
The BNPL programme, according to Mastercard will meet growing consumer demand for flexible, digital-first payment options, and support the region’s e-commerce ecosystem.
Mastercard Installments, which is due to go live later this year, uses the company’s network to make BNPL available to millions of consumers and merchants worldwide. It enables banks, lenders, FinTech companies, and wallets to offer a variety of flexible installment options to consumers, including a zero percent interest, pay-in-four model.
Implementation is handled by Mastercard and the acquirer with no lift to the merchant to offer this new payment choice, and no disruption to the existing customer experience, Mastercard said.
Mastercard seemingly has its finger on the pulse when it comes to the growing BNPL sector. Earlier this month, the company expanded its partnership with Zilch to help bring Zilch’s BNPL digital card to Europe.
Khalid Elgibali, division president for Middle East and North Africa at Mastercard, said, “Above everything, consumers today demand flexibility and choice. With Mastercard Installments, we want to give people the choice to pay how, when and where they want.
“This most recent product innovation builds on the trust between businesses and their customers with Buy Now, Pay Later options benefitting everyone in the ecosystem. As Mastercard continues to design solutions for an evolving digital economy, we see BNPL becoming a standard for shopping, and we look forward to implementing this offering in the UAE and Saudi Arabia later this year.”
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