Mastercard and Spotii partner to enable consumers to ‘Buy Now Pay Later’
By Edil Corneille
Dubai-based Spotii and global payments technology company Mastercard have partnered to facilitate a ‘Buy Now Pay Later’ (BNPL) payment plan and offer millions of consumers access to flexible installment payment options with zero additional cost or hidden fees.
The goal is to support the region’s e-commerce ecosystem through the provision of a consumer-friendly product that helps merchants grow a loyal customer base. It also gives consumers a budgeting tool that allows them to manage expenses over a period of time while merchants enjoy accelerated sales.
Through this partnership, Spotii’s services will extend to Mastercard’s merchant network. Spotii and Mastercard will also collaborate to introduce several new digital payment products. With an intuitive and easy-to-use platform, consumers can sign up to become part of Spotii’s platform and pay in installments at over 600 beauty and fashion outlets across the GCC.
“At Mastercard, we connect consumers to their passions by offering convenient payment possibilities, and flexibility is a gamechanger in the world of e-commerce today. Sophisticated shoppers increasingly demand diversity in their payment options, and we are committed to answering those needs. Mastercard’s partnership with Spotii will propel the ‘Buy Now Pay Later’ market in the region, enabling businesses to increase customer transactions and advance digitization, while giving consumers greater payment flexibility,” said Girish Nanda, Country Manager, UAE & Oman, Mastercard.
“Spotii’s mission is to empower customers and enable them to enjoy their shopping experience without worrying about excessive costs and hidden fees. At the same time, our platform supports customer acquisition and revenue growth for business owners – it’s a win-win. As today’s youth continues to demand more flexibility and convenience, we are excited to work with a partner that shares our values and is committed to addressing the needs of a new generation of shoppers. With our first to market solutions in the UAE and KSA, we are rapidly expanding to all other GCC markets. Mastercard’s footprint and payments expertise will allow us to grow our community centered on people and trust,” said Ziyaad Ahmed, Co-founder and COO Spotii.
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