Global payment juggernaut, Mastercard is expanding its presence in the UAE’s flexible payment and lending ecosystem as it partners with the shopping, payments and banking fintech, Tamara to launch a new virtual card.
This new card will improve the flexible payments ecosystem which is projected to reach $14.7billion by 2027 according to Ken Research. This demand stems from the country’s thriving e-commerce sector and rise in digital payment solutions. 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.
Furthermore, 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.
“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. 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,” said Amnah Ajmal, executive vice president, market development, EEMEA, Mastercard.
Meeting the need for Sharia-compliant payment solutions
The partnership will enable Tamara to grow its product suite through added-value services provided by Mastercard. Commenting on this Abdulmajeed Alsukhan, co-founder and CEO of Tamara, said: “Within the GCC, consumer awareness 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. We eagerly anticipate expanding our collaboration to introduce innovative products and solutions as we continue to drive Tamara’s growth and enhance our customer value proposition. This reflects our ongoing dedication to meeting the evolving needs of our customers through a Sharia-compliant payment solution.”
