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ZoodPay, a leading e-commerce digital lending platform, has partnered with Mastercard to launch the first prepaid virtual installment card in the Eastern Europe, Middle East and Africa (EEMEA) region.
This collaboration will expand financial and digital inclusion, benefiting underserved populations and those without credit data or limited access to finance.
The launch of the virtual installment card will enable ZoodPay to expand its product range and provide Buy Now Pay Later (BNPL) solutions to customers and merchants anytime, anywhere, without being limited to the ZoodPay network.
Consumers and SMEs
The product will be available to consumers and small and medium enterprises (SMEs) in multiple geographies. Zoodpay will open up its SME ecosystem to Mastercard merchants, facilitating end-to-end digitization. This ecosystem will encompass product launch, fulfillment, last mile delivery and distribution channels, including ZoodPay’s own marketplace as well as other online platforms.
Mastercard will complement this by providing access to its extensive merchant network, innovative payment methods, and state-of-the-art technology infrastructure for fulfillment and scalability.
This partnership can serve up to 300 million people, including 5 million SMEs and 4,000 merchants, offering BNPL options for consumers and loans for SMEs.
use technology
Amnah Ajmal, Executive Vice President EEMEA Market Development, Mastercard said: “Consumers and merchants want choice and security when it comes to payments. By partnering with ZoodPay, we are leveraging our technology to enable these payments in a digitally secure manner.”
ZoodPay has 4,000 online and offline merchants with a proprietary marketplace and more than 10 million users.
Michael Khoi, CEO of ZoodPay, said: “Our partnership with Mastercard will go a long way toward shaping the future of digital payments in emerging markets. We look forward to launching a suite of fintech services for consumers, merchants, micro and SMEs, helping The unbanked into the financial ecosystem.”
By 2026, BNPL services will account for more than 24% of global e-commerce transactions of physical goods by value, up from 9% in 2021, according to Juniper Research. The number of installment payment users worldwide will more than quadruple to 1.5 billion by 2026 from 340 million in 2021 — trade arab news agency
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