Mastercard partners with ZoodPay

KARACHI: A digital lending platform for ecommerce in the Middle East and Central Asia ZoodPay has entered into a partnership with Mastercard to launch a prepaid virtual installment card in the Eastern Europe, Middle East, and Africa (EEMEA) region, a statement said on Monday.

The collaboration aims to help expand financial and digital inclusion, benefiting the underbanked population and those with no credit data or limited access to finance. The introduction of the virtual installment card will allow ZoodPay to scale its offerings and provide buy-now-pay-later solutions to customers and merchants anytime and anywhere without being restricted exclusively to the ZoodPay network, according to the company.

The offering will be available to consumers and small and medium-sized enterprises (SMEs) across multiple geographies. Zoodpay said it would make its SMEs ecosystem available to Mastercard’s merchants, facilitating end-to-end digitisation. The ecosystem would span product onboarding, fulfillment, last-mile delivery, and distribution channels, including ZoodPay’s own marketplace as well as other online platforms, it stated.