Fri, Nov 08 2024
Mastercard and Network International have partnered to launch Mastercard Installments in the United Arab Emirates. Network International is the primary facilitator of digital commerce in the Middle East and Africa.
Customers can choose to divide their purchases into installments throughout Mastercard's merchant network, both in-store and online. The program is now accessible to retailers in the United Arab Emirates. It is a unique offering in the industry since it enables banks, lenders, fintech firms, and e-wallets to offer installments to their consumers without the need for extra merchant connection.
Through the mobile banking app of their bank, customers can digitally access pre-approved installment plans with Mastercard Installments. In this sense, customers are fully informed about their bank's policies during the approval process. In order to offer customers the greatest possible experience and to establish a viable business model for issuers and lenders, Mastercard and Network International have partnered to make Mastercard Installments available at Network International's merchant terminals in the United Arab Emirates.This expands on the two businesses' long-standing strategic alliance, which aims to improve and fortify the payment ecosystem in the area.
As part of our efforts to promote digital transformation in the markets we serve, we at Mastercard are dedicated to increasing the range of cutting-edge payment options available to consumers in the area. Gina Petersen-Skyrme, Vice President and Country Business Development Lead, UAE & Oman, Mastercard, said, "We are thrilled to collaborate with Network International, our dependable partner in installments technology, to provide UAE retailers and consumers with an inventive digital-first installments solution that enables cardholders to manage their budgets and payments in a more flexible way.
"The UAE's digital payment environment is rapidly changing, and new payment options like installments will have a significant impact on how it develops in the future. We are delighted to collaborate with Mastercard on its seamless and safe installment plan that satisfies the requirements of lenders, retailers, and customers. Our collaboration offers merchants and shoppers the convenience of installments, combined with the peace of mind associated with a trusted payments provider, while creating significant growth prospects for our merchants by amplifying their sales,” said Jamal Al Nassai, Group Managing Director for Merchant Services - Middle East and North Africa, Network International.
For all parties involved, Mastercard Installments offers a number of advantages. It not only gives customers more control over how and when they pay for products, but it also enables acquirers and merchants to grow installment plans and leverage convenience as a differentiator. The core Mastercard network includes Mastercard Installments, which removes the need for direct settlement agreements with acquirers or merchants. Installment shoppers are more likely to make repeat purchases and spend more money overall, which benefits issuers, lenders, and retailers.
Issuers, digital wallets, and installments players can reach a wider range of retailers with their offerings by utilizing Mastercard Installments. Installment providers can also add more merchant acceptance to their current networks.
Customers in the UAE are becoming more and more in need of installment payment options. Installments have been a very popular way to make payments in recent years. According to Mastercard's 2023 Market Trends UAE report, 28% of UAE citizens presently use installment payments, and another 48% say they intend to do so during the next six months. For those that use installment payments, it might be helpful for mid- to large-ticket items like gadgets, vacation, and retail. Customers who use installment payments report having more purchasing power and having access to additional tools for financial planning and budgeting.
Leave a Comment