Abu Dhabi Bank and Mastercard collaborate on a digital SlicePay card that lets UAE clients pay in four interest-free payments.
Initially, Abu Dhabi Bank and the international payment processor Mastercard collaborated to introduce the “SlicePay” card, which is powered by Mastercard’s installment payment plan.
First, Abu Dhabi Bank clarified that with the introduction, its clients would be able to apply for and receive the digital-only BNPL card immediately, which they could use anywhere Mastercard is accepted in the United Arab Emirates. With a simplified user experience, customers may now securely and conveniently split purchases into four interest-free installments with the new buy now, pay later (BNPL) service.
Additionally, all purchases made with the SlicePay card are covered by Mastercard’s consumer guarantees.With this launch, the Eastern Europe, Middle East, and Africa (EEMEA) area will also be using Mastercard’s Instalments Programme for the first time.
The Mastercard Instalments Programme is designed to satisfy the requirements of issuers, merchants, customers, and lenders. By breaking up purchases into four equal installments and not charging interest or other costs to the customer, it provides a straightforward and easy installment financing experience.
The SlicePay card is simple to apply for and provides both retailers and customers with a long list of advantages. It makes rapid transactions possible without incurring additional costs, which improves financial stability.
“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 in MENA East.
We are in a unique position to help lenders and merchants offer safe purchase now, pay later experiences at scale, enabling them to seize new opportunities and promoting sustainable economic growth thanks to our broad acceptance and reach.
“We are excited to introduce the first Mastercard Instalments Programme to the area, helping both individuals and businesses gain access to necessary goods and services.”
Growth in BNPLs in the Middle East
The Middle East and Africa (MEA) is experiencing faster growth rates for purchase now, pay later options than the rest of the world, according to data from Juniper Research. The MEA region is expected to experience an estimated compound annual growth rate (CAGR) of 44% between 2022 and 2027, while the global total BNPL transaction value is predicted to achieve a CAGR of 31% between 2022 and 2027. In contrast to the MEA region, where growth in digital BNPL transactions is predicted to be 1010 percent, worldwide growth in this period is predicted to be 710 percent.
“By partnering with Mastercard through SlicePay, we are ushering in a newer, more innovative way to buy now, pay later for our digitally savvy customers, who can now split their payments, not their plans,” said Rudy Sudarsono, SVP and head of cards at First Abu Dhabi Bank.
“SlicePay adds another level of convenience and security to the payments landscape, and we at First Abu Dhabi Bank believe that it will be a great fit for the changing needs of UAE consumers and merchants.”
“Mastercard has been working with our partners in the UAE to meet the needs of its people for more than 35 years,” stated Gina Petersen-Skyrme, vice president and country business development lead for Mastercard in the UAE and Oman.
We are pleased to collaborate with First Abu Dhabi Bank to provide its clients with the freedom to spread out their purchases without paying additional fees. After much development, the launch of SlicePay represents a thrilling new milestone with our reliable partners.
