UAE’s leading financial institution Mashreq Bank has partnered with the fintech company Cashew Payments in order to offer ‘buy now pay later’ options for customers on purchases made through merchant partners.
The alliance demonstrates Mashreq’s leadership in providing omnichannel payment products and easy financing solutions to its customers along with accelerating digital payments adoption across the UAE region.
The bank is one of the top three merchant acquirers in the world, with volume increasing by more than 35 percent in first quarter of 2021 when compared to the same period last year. Furthermore, the bank saw an increase in eCommerce volume by more than 250 percent in 2020 compared to the previous year.
“This is a very timely partnership for us, as customers increasingly look for affordable methods to pay for their purchases. Similarly, merchants will significantly benefit from the partnership due to an enhanced payment experience, thereby drawing more customers and increasing their sales. As the use of contactless payments and digital wallets across the UAE steadily increases, we anticipate the uptake of BNPL services to follow suit. We are glad that by joining forces with Cashew Payments we were able to make this new solution available to thousands of customers in the UAE.”
Ammar Afif, Founder of Cashew said, “It gives us immense pride to join forces with Mashreq Bank and continue our march towards developing a dynamic fintech ecosystem. This partnership will allow us to boost merchants’ commercial efforts, present customers with premium financing services, and consolidate the UAE’s prominent global position on the innovation and progressive spectrums.”
Cashew Payments is a Fintech company that provides consumer-friendly payment alternatives to cash and credit cards. The company is currently conducting pilot transactions with its first group of local merchants in the leisure, education, healthcare, and automotive industries, as part of its vision and ambition, after which it will extend to international brands with additional services.