The American multinational financial services corporation Mastercard has expanded its unique and innovative Buy Now Pay Later (BNPL) program ‘Mastercard Installments’ to clients in the UAE and Saudi Arabia.
The new BNPL program delivers greater choice at checkout, in-store and online. Further, it will meet growing consumer demand for flexible, digital-first payment choices while also bolstering the region’s eCommerce economy with a new program aimed at giving customers more options.
According to the statement, “Mastercard Installments, which is set to go live later this year, uses the power of the company’s trusted network to make BNPL available to millions of consumers and merchants worldwide.”
Furthermore, it allows banks, lenders, fintech companies, and wallets to provide customers with a choice of flexible installment alternatives, including a zero percent interest, pay-in-four model.
Khalid Elgibali Division President – MENA Mastercard
“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.”
Mastercard Installments enables consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or instant approval during checkout.
“Consumers will have full transparency on lender practices up-front during the approval process, and unlike most current BNPL offerings, consumers will continue to benefit from zero liability fraud protection, the ability to challenge unrecognized charges, and the peace of mind that comes with Mastercard’s acceptance footprint,” the company added.
As per the statement, Mastercard is working with leading partners representing a significant market share in the region including Abu Dhabi Commercial Bank (ADCB), Network International, and National Bank of Ras Al Khaimah (RAKBANK) in the UAE and Saudi National Bank (SNB) in Saudi Arabia.
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