Mastercard and ZOOD, the digital lending platforms for e-commerce in the Middle East and Central Asia, have introduced a virtual BNPL card – ZOOD Card – in Uzbekistan.
Being the first of its kind in the market, the ZOOD Card will enable consumers to convert their purchases into convenient installment plans for in-store, and local and global online shopping outlets.
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According to KPMG, by the end of 2027, the market share of POS financing and BNPL in Uzbekistan’s e-commerce sector is projected to reach 22% in the higher-end segment. Offering flexible financing options, the virtual installment card will provide consumers with the flexibility to make purchases of up to 20 million Uzbek SOMs, by splitting their payments into 3, 6 or 12 installments. Moreover, the card is completely free to obtain.
“Consumers today demand more flexibility and choice while transacting securely. By combining ZOOD’s innovative approach with Mastercard’s global network and technology, we are not only expanding access to convenient financing options but also driving digital inclusion across the region”, said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
Growing demand for flexible payment options, driving financial inclusion
Powered by Mastercard, ZOOD Card will bring the company’s current BNPL offering to a virtual installment card, with Ipak Yuli Bank as the BIN Sponsor. This partnership will meet the growing demand for flexible payment options in the region and is set to drive financial inclusion by providing underbanked consumers with convenient payment solutions. The virtual card will be initially made available to ZOOD’s existing customers following a wider roll-out in October.
“ZOOD Card is the first-of-its-kind virtual BNPL card in Uzbekistan that aims to disrupt the BNPL space and empower consumers to manage their cashflows with ease and comfort. Through our partnership with Mastercard, our customers will be able to shop in up 12 installments in real-time at major local and global online stores such as Amazon, eBay or Alibaba and any offline stores in Uzbekistan, anytime and anywhere, without being restricted exclusively to the ZOOD network,” added Michael Khoi, Group CEO, ZOOD.
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By GlobalDataThe launch builds on ZOOD and Mastercard’s existing partnership to accelerate BNPL adoption across Eastern Europe, Middle East and Africa, whereby both have partnered to provide BNPL As-A-Service offering to banks, fintech and retail providers.
