Mastercard and digital commerce enabler, Network International, have collaborated to roll out Mastercard Instalments in the UAE. The programme is now available across merchants in the UAE. It gives consumers the flexibility to split their purchases into instalments across Mastercard’s merchant network, online and in store.
It also allows banks, lenders, fintech companies and e-wallets to offer instalments to their customers without requiring additional merchant integration. Mastercard says that this makes it a unique proposition in the market.
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Mastercard Instalments enables shoppers to digitally access instalment offers, pre-approved through their bank’s mobile banking app. Shoppers have full transparency on their bank’s policies in this regard up-front during the approval process. The partnership aims to provide a best-in-class experience for consumers. And at the same time, to create a sustainable business model for issuers and lenders. In addition, it builds on a long-standing strategic partnership between the two companies. And finally, the agreement focuses on enhancing and strengthening the payment ecosystem in the region.
Initiative builds on the long-standing strategic partnership between Mastercard and Network International
“At Mastercard, we are committed to expanding the variety of innovative payment solutions available to consumers in the region. This is part of our efforts to drive digital transformation in the markets we serve. We are delighted to join forces with Network International, our trusted partner in instalments technology, to offer UAE merchants and shoppers an innovative digital-first instalments solution. It allows cardholders to manage their budgets and payments in a more flexible way,” said Gina Petersen-Skyrme, Vice President and Country Business Development Lead, UAE & Oman, Mastercard.
Jamal Al Nassai, Group Managing Director for Merchant Services – Middle East and North Africa, Network International, added: “The UAE’s digital payments landscape is fast evolving. Emerging payment methods, such as instalments play a key role in shaping its future. We are thrilled to partner with Mastercard on its secure and seamless instalments proposition. It meets the needs of lenders, merchants and consumers. Our collaboration offers merchants and shoppers the convenience of instalments. This is combined with the peace of mind associated with a trusted payments provider. And it creates significant growth prospects for our merchants by amplifying their sales.”
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