First Abu Dhabi Bank has joined forces with global payment processor Mastercard to launch the ‘SlicePay’ card; powered by Mastercard’s Instalments Program.
First Abu Dhabi Bank explained that, with the launch, its customers can be instantly approved and issued the digital-only BNPL card that can be used across the UAE wherever Mastercard is accepted. The new buy now, pay later (BNPL) solution enables shoppers to convert their purchases into four interest-free instalments securely and conveniently with a streamlined user experience.
All purchases made using the SlicePay card are also backed by Mastercard consumer protections. The launch also marks the first time Mastercard’s Instalments Program is used in Eastern Europe, the Middle East and Africa (EEMEA) region.
The Mastercard Instalments Program is tailored to meet the needs of lenders, issuers, merchants and consumers. It offers a simple and seamless instalment financing experience by dividing purchases into four equal payments without any consumer fees or interest.
The SlicePay card is easy to obtain, offering a wide variety of benefits to merchants and shoppers alike. It enhances financial security by enabling people to make instant purchases at no extra expense.
J.K. Khalil, cluster general manager in MENA East at Mastercard, explained: “At Mastercard, we are committed to providing innovative and tailored payment solutions as we drive digital transformation and advance inclusion for everyone.
“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.
“We are delighted to launch our first Mastercard Instalments Program to the region as we facilitate access to essential products and services for individuals and businesses.”
BNPL growth in the Middle East
According to data by Juniper Research, the growth of buy now, pay later solutions 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.
Rudy Sudarsono, SVP and head of cards at First Abu Dhabi Bank, commented: “By joining forces 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.
“At First Abu Dhabi Bank, we foresee that SlicePay will resonate strongly with the evolving needs of both UAE consumers and merchants, as it brings with it an additional layer of convenience and assurance to the entire payments landscape.”
Gina Petersen-Skyrme, VP and country business development lead for the UAE and Oman at Mastercard, also added: “For more than 35 years, Mastercard has been working with our partners in the UAE to meet the needs of its people.
“We are proud to join forces with First Abu Dhabi Bank to give its customers the flexibility of managing their purchases over time, without incurring extra costs. A long time in the making, the SlicePay launch marks an exciting new milestone with our trusted partners.”