On Wednesday, Mastercard and Tamara, a leading fintech platform in the Gulf Cooperation Council(GCC) specialising in shopping, payments, and banking, announced a partnership to launch a virtual card in the UAE.
This card enhances the region’s split payment ecosystem, offering consumers flexible digital payment options to meet increasing demand in the UAE.
Mastercard and Tamara power UAE flexible payments
The virtual card will enable Tamara’s customers to split their purchases into up to four equal payments or pay in full through mobile wallets for online and in-store purchases.
The solution is fully Sharia-compliant, providing instant access to a Tamara and Mastercard prepaid card linked to mobile wallets for easy tap-to-pay functionality in retail outlets.
Amnah Ajmal, Executive Vice President at Mastercard EEMEA, stated, “It’s partnerships and programs 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.”
The initiative aligns with the UAE’s thriving e-commerce sector and the increasing adoption of digital payment solutions. A report by Ken Research projects the transaction value for flexible payment services in the UAE to reach USD 14.7 billion by 2027.
Read also: Mastercard unveils TRACE technology to detect money mules, track cybercriminals
Mastercard and Tamara scaling split payment
This partnership will see Mastercard expanding its presence within the flexible payment and lending ecosystem, allowing cardholders to split payments at checkout. It will also enable Tamara to grow its product suite through added-value services provided by Mastercard.
Abdulmajeed Alsukhan, co-founder and CEO of Tamara, noted the rising consumer awareness in the GCC regarding the applications of split payment solutions. “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,” he said.
The collaboration reflects a dedication to meeting the evolving needs of customers through Sharia-compliant payment solutions and signifies a step forward in making shopping more accessible and convenient in the UAE.
