First Abu Dhabi Bank has partnered with global payment processor Mastercard to introduce the SlicePay card, a buy now, pay later (BNPL) solution powered by Mastercard’s Instalments Program. This new offering enables shoppers to securely and conveniently convert their purchases into four interest-free installments, providing a streamlined user experience and enhanced financial security.
Overview of SlicePay Card
The SlicePay card, powered by Mastercard’s Instalments Program, allows shoppers to effortlessly split their purchases into four equal payments without incurring any consumer fees or interest. This feature provides customers with the flexibility to manage their payments over time, without the burden of additional costs. Obtaining the SlicePay card is straightforward, offering various benefits to both merchants and shoppers alike, further enhancing the financial security of individuals making instant purchases.
Mastercard Installments Program
Tailored to meet the needs of lenders, issuers, merchants, and consumers, the Mastercard Installments Program offers a seamless installment financing experience. By dividing purchases into four equal payments, this program eliminates any additional fees or interest for consumers. This simplified approach to financing promotes convenience and transparency, improving the overall shopping experience for customers.
Growing BNPL Trend in the Middle East
The Middle East is experiencing remarkable growth in the BNPL sector, surpassing global rates. Projections indicate that between 2022 and 2027, the global BNPL transaction value will reach a compound annual growth rate (CAGR) of 31 percent. In comparison, the Middle East and Africa (MEA) region is expected to see an estimated CAGR of 44 percent during the same period. This substantial growth reflects the increasing popularity of flexible payment options among consumers in the region.
Digital BNPL Transactions in the MEA Region
The MEA region is also witnessing significant growth in digital BNPL transactions. Globally, the number of digital BNPL transactions is anticipated to grow by 710 percent between 2022 and 2027. However, the MEA region is expected to outpace this growth with an estimated growth rate of 1010 percent during the same period. This data highlights the rapid adoption of digital payment solutions, including BNPL options, in the MEA region.
Benefits of SlicePay for Customers and Merchants
The SlicePay card offers a myriad of benefits to customers and merchants, catering to the evolving needs of UAE consumers. The convenience of managing purchases over time without incurring extra costs empowers customers to make informed financial decisions. Additionally, merchants will enjoy increased customer satisfaction and loyalty as SlicePay simplifies the payment process, making it more accessible and attractive to shoppers.
Collaboration between First Abu Dhabi Bank and Mastercard
The partnership between First Abu Dhabi Bank and Mastercard through SlicePay ushers in an innovative way for digitally savvy customers to access buy now, pay later services. This collaboration focuses on meeting the evolving needs of consumers in the UAE, bringing an additional layer of convenience and assurance to the payments landscape. By leveraging Mastercard’s expertise and First Abu Dhabi Bank’s position as a leading financial institution, customers can benefit from a trusted and seamless BNPL experience.
For over 35 years, Mastercard has been committed to meeting the needs of people in the UAE through strategic partnerships. The collaboration with First Abu Dhabi Bank to introduce the SlicePay card further exemplifies this dedication, offering customers the flexibility to manage purchases over time without incurring additional costs. As the BNPL (Buy Now Pay Later) trend continues to surge in the Middle East, this innovative solution will provide UAE consumers and merchants with a convenient, cost-effective, and secure way to purchase goods and services.