Mastercard, ZoodPay join forces to launch first virtual installment card

51

 

ZoodPay, a leading digital lending platform for e-commerce in the Middle East and Central Asia, has entered into a strategic partnership with Mastercard to launch the first-of-its-kind prepaid virtual installment card in the Eastern Europe, Middle East, and Africa (EEMEA) region. This collaboration will expand financial and digital inclusion, benefiting the underbanked population and those with no credit data or limited access to finance.

The introduction of the virtual installment card will allow ZoodPay to scale its offerings and provide Buy-Now-Pay-Later (BNPL) solutions to customers and merchants anytime and anywhere without being restricted exclusively to the ZoodPay network.

The offering will be available to consumers and small and medium-sized enterprises (SMEs) across multiple geographies. Zoodpay will make its SMEs ecosystem available to Mastercard’s merchants, facilitating end-to-end digitization. This ecosystem will span product onboarding, fulfillment, last-mile delivery, and distribution channels, including ZoodPay’s own marketplace as well as other online platforms.

Mastercard will supplement this by providing access to its wide network of merchants, innovative payment methods, and state-of-the-art technical infrastructure for enablement and scalability.

This partnership can serve up to 300 million people, including 5 million SMEs and 4,000 merchants, providing BNPL options for consumers and loans for SMEs.