Mastercard has partnered with First Abu Dhabi Bank (FAB) to launch a new Buy Now, Pay Later (BNPL) service.

The digital SlicePay card allows FAB customers to pay for their purchases online and in-store securely in four interest-free instalments, Mastercard said.

SlicePay is powered by the recently launched Mastercard Installments Program, which allows merchants and customers to divide payments into four instalments.

Mastercard quoted data by Juniper Research which shows that the growth of BNPL products in the Middle East and Africa (MEA) is exceeding worldwide rates.

Between 2022 and 2027, the global overall BNPL transaction value is projected to reach a compound annual growth rate (CAGR) of 31 per cent, while the MEA region is looking at an estimated CAGR of 44 per cent. During the same period, the number of digital BNPL transactions is expected to grow by 710 per cent globally, compared to 1010 per cent in the MEA region.

“At Mastercard, we are committed to providing innovative and tailored payment solutions as we drive digital transformation and advance inclusion for everyone,” said J.K. Khalil, cluster general manager, MENA East, Mastercard. “With our vast acceptance and reach, we are uniquely positioned to enable lenders and merchants to deliver secure buy now, pay later experiences at scale, empowering them to unlock new opportunities and accelerating sustainable economic growth.”

Share Story: