Mastercard and Tamara, a leading GCC-based fintech platform, have partnered to introduce a virtual card in the UAE. This collaboration aims to strengthen flexible payment solutions, giving consumers more control over their purchases. With digital payments on the rise, the initiative is expected to boost convenience for both shoppers and merchants.
Expanding Flexible Payment Solutions
According to Ken Research, the transaction value for flexible payment services in the UAE is projected to reach $14.7 billion by 2027. This growth is largely driven by increasing e-commerce activity and the widespread adoption of digital payments. To support this shift, Mastercard and Tamara are offering a seamless, Sharia-compliant solution that allows customers to split their purchases into four equal payments or pay in full.
Additionally, the virtual card can be linked to mobile wallets, enabling users to make quick and secure transactions at retail stores. This integration simplifies the shopping experience while ensuring accessibility for a broader customer base.
Mastercard & Tamara Seamless and Secure Transactions
Consumers will have instant access to a prepaid Tamara and Mastercard virtual card. By tapping to pay at stores or using it online, they can complete purchases with ease. This initiative enhances the customer experience while improving payment security.
Amnah Ajmal, Executive Vice President of Market Development at Mastercard, highlighted the importance of expanding digital payment options. She emphasized that collaborations like this empower consumers and businesses by offering greater financial flexibility. Mastercard’s global network ensures secure and scalable solutions for merchants and shoppers alike.
Mastercard & Tamara Improving Consumer Shopping Experiences
Abdulmajeed Alsukhan, Co-founder and CEO of Tamara, noted the increasing popularity of split payment solutions. More consumers are using these options for everyday purchases as well as luxury items. The partnership with Mastercard allows Tamara to provide even more convenience for its users.
Looking ahead, both companies plan to introduce additional innovative payment solutions. By enhancing financial flexibility, they aim to improve the overall shopping experience and support economic growth in the UAE.
With digital payments shaping the future of commerce, this collaboration represents a significant step in expanding secure and flexible payment solutions across the region.
