Commercial Bank of Dubai (CBD), Mastercard, tutuka and Postpay have entered into a strategic partnership to launch the region’s first ‘Shop Anywhere’ BNPL (Buy Now Pay Later) solution that will drive digital payments in the region.
Powered by CBD, Mastercard and Tutuka, Postpaid offers a seamless payment journey for customers that enables the convenience of BNPL payments, both in-store and online at leading retail outlets across the Middle East.
The postpaid process is designed with customers and their convenience at its core. While the first payment is upfront, subsequent payments are automatically deducted from the credit or debit card customers used to sign up. This allows customers to buy on demand, with the added convenience of paying for merchandise over time, without any interest, surcharges, or hidden fees.
Technology allows consumers to “shop anywhere” online and in-store with contactless payments, at thousands of physical stores, including Ace, Apple, Azadea, CenterPoint, Decathlon, GAP, Level Shoes, H&M, Home Center, Mumzworld, Sephora, Sharaf DG, Shein, Zara and thousands of other leading global brands and more coming soon like Amazon, Noon and Namshi in December.
As the digital payment landscape evolves, millennials and Generation Z consumers will play a major role in the growth of BNPL solutions.
Postpaid Founder and CEO, Tariq Sheikh, commented: “Our goal is to offer transparent and interest-free installments to shoppers anywhere, online on our shopping app or in-store – hence ‘Shop Anywhere’.”
With the rise of the e-commerce sector in the MENA region over the past few years, players like Postpay have contributed to a significant increase in the volume of online transactions. CBD and Mastercard support the e-commerce ecosystem in the region by providing consumers with diverse and budget-friendly payment options that also help merchants grow a loyal customer base and accelerate their sales.
Amit Malhotra, General Manager – Personal Banking Group, Commercial Bank of Dubai, said: “The postpaid collaboration is in line with our commitment to support the UAE’s growing financial technology ecosystem and enhance the inclusive digital business environment through innovative digital payment solutions such as BNPL. This initiative complements our “virtual digital” strategy by offering our digital services to a new segment to match the rapid development of the market.”
Girish Nanda, Regional Director for UAE and Pakistan, MasterCard noted: “Flexibility is a game changer in today’s e-commerce world. As a growing breed of savvy shoppers increasingly demands diversity in their payment options, Mastercard is committed to meeting those needs. We are excited to connect consumers with the benefits that come with more convenient payment options in the growing digital economy.
“We do this through robust collaborations that leverage our technology and expertise, and we are excited to partner with Postpay to enhance the customers’ shopping experience with this innovative BNPL solution.”
Miranda Perumal, Head of Business Development EMEA at Tutoka commented: “We are proud to be part of this innovative digital solution that meets the needs of BNPL customers and enables contactless payment both online and in-store.” – TradeArabia News Service
