This partnership will see Mastercard expanding its presence within the flexible payment and lending ecosystem while offering cardholders the ability to split payments at checkout. It will also enable Tamara to grow its product suite through added-value services provided by Mastercard.
UAE has been culturally conservative towards BNPL, and it is always seen as a debt trap instrument. However, new-age startups are focused on changing this mentality by creating awareness about how BNPL can be used for daily expenditure.
A report by Ken Research highlights that the transaction value for flexible payment services in the UAE is expected to reach USD 14.7 billion by 2027, driven by the country’s ecommerce sector and rise in digital payment solutions.
The virtual card will allow users to split their purchases into four equal payments or pay in full through mobile wallets for online and in-store purchases, all through a Sharia compliant solution. Consumers will have instant access to a Tamara and Mastercard prepaid card, which they can link to their mobile wallets and tap to pay in retail outlets.
This collaboration aims to offer people access to more payment options across the globe and in the UAE. With its high acceptance rate and reach, Mastercard’s vison is to enable merchants and lenders to deliver simple and secure payment experiences to their customers.
GCC’s consumer awareness is rising regarding the versatile applications of split payment solutions, from essential, on-the-spot purchases to improved versions of coveted products. The company is committed to making shopping a flexible experience and plans to expand its collaboration with Mastercard to introduce new products and solutions as it continues Tamara’s growth.
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