Mastercard and Tamara, one of the leading fintech platform in the GCC for shopping, payments, and banking, are collaborating to launch a new virtual card in the UAE to strengthen the split payment ecosystem.
A report by Ken Research highlights that the transaction value for flexible payment services in the UAE is expected to reach USD14.7 billion by 2027, driven by 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 4 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 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,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
“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,” said Abdulmajeed Alsukhan, Co-founder and CEO of Tamara.
The partnership will see Mastercard expanding its presence within the flexible payment and lending ecosystem while offering cardholders the ability to split payments at checkout. It will also enable Tamara to grow its product suite through added-value services provided by Mastercard.