Mastercard and Tamara, one of the leading fintech platforms in the GCC for shopping, payments, and banking, announced a partnership to launch a new virtual card in the UAE.
The move is seen to aid further growth of the country’s split payment ecosystem – termed as ‘Buy Now, Pay Later’ (BNPL) segment.
The virtual card will enable Tamara’s customers to split their purchases in up to four equal payments or pay in full, all through a fully Sharia-compliant solution, whether online or in-store.
Besides, consumers will have instant access to a Tamara and Mastercard prepaid card, which they can link to their mobile wallets and simply tap to pay in retail outlets.
Mastercard-Tamara partnership
“It’s partnerships and programmes like this one with Tamara that give people access to more payment options, across the globe and here in the UAE,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
“With our vast acceptance and reach, Mastercard is uniquely positioned to enable lenders and merchants to deliver seamless and secure flexible payment experiences at scale,” he said.
Abdulmajeed Alsukhan, Co-founder and CEO of Tamara, said consumer awareness within the GCC is rising regarding the versatile applications of split payment solutions – from essential, on-the-spot purchases to the pursuit of enhanced versions of coveted products.
“Our partnership with Mastercard signifies our commitment to adding flexibility, making shopping a seamless experience for our customers anywhere they shop,” he said.
Alsukhan said the company also eagerly anticipates expanding the collaboration with Mastercard to introduce innovative products and solutions to enhance the customer value proposition.
The partnership will see Mastercard expanding its presence within the flexible payment and lending ecosystem, while offering cardholders the ability to split payments at checkout.
It will also enable Tamara to grow its product suite through added-value services provided by Mastercard.
A report by Ken Research projected the transaction value for flexible payment services in the UAE to reach $14.7 billion by 2027, driven by the country’s thriving e-commerce sector and rise in digital payment solutions.
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