Following this announcement, the partnership is expected to introduce a virtual BNPL card (ZOOD card) for customers and users in the region of Uzbekistan. The service will enable clients to convert their purchases into convenient installment plans for in-store, as well as local and worldwide online shopping outlets.
In addition, both financial institutions are expected to continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the laws of regulatory requirements of the local industry as well.
Powered by Mastercard, the ZOOD Card is set to bring the company’s current BNPL offering to a virtual installment card, with Ipak Yuli Bank as the BIN Sponsor. At the same time, the partnership will meet the growing demand for flexible payment options in the country, while also driving financial inclusion by providing underbanked customers with secure, convenient, and efficient payment solutions. The virtual card is set to be initially made available to ZOOD's already existing clients, while a wider roll-out is scheduled to take place in the month of October.
Customers will be enabled to shop in up to 12 installments in real-time at major local and global online stores and merchants, such as Amazon, Ebay, or Alibaba, and any offline stores in Uzbekistan, anytime and anywhere. This process is expected to not be restricted exclusively to the ZOOD network. By combining ZOOD’s approach with Mastercard’s global network and technology, the companies will expand access to convenient financing options, while also accelerating the development of the local market as well.
This launch builds on Mastercard and ZOOD’s already existing partnership, aimed at accelerating the Buy Now, Pay Later (BNPL) adoption across the region of Eastern Europe, the Middle East, and Africa. Both financial institutions have collaborated in order to provide BNPL-as-a-Service to banks, fintechs, and retail providers in those areas.
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