We’ve advised Zood (ZoodPay I ZoodMall) on the launch of the first-ever instalment card by ZoodPay and Mastercard. The legal team was led by Samar Masood, Manahil Gilani and Natalia Najam from the Lahore office.
As part of this agreement, ZoodPay will serve as Mastercard’s lending partner for consumers and SMEs across multiple territories. This development will allow ZoodPay to scale its offering and provide instalment solutions to its merchants and customers anywhere, anytime without being restricted exclusively to the Zood network of online and offline stores.
Commenting on the occasion, Naureen Hyat added that “partnerships like these can shape the future of the financial inclusion landscape.”
The offering will be available to consumers and small and medium-sized enterprises (SMEs) across multiple geographies. Zoodpay will make its SMEs ecosystem available to Mastercard’s merchants, facilitating end-to-end digitization. This ecosystem will span product onboarding, fulfillment, last-mile delivery, and
distribution channels, including ZoodPay’s own marketplace as well as other online platforms. Mastercard will supplement this by providing access to its wide network of merchants, innovative payment methods, and state-of-the-art technical infrastructure for enablement and scalability.
This partnership can serve up to 300 million people, including 5 million SMEs and 4,000 merchants, providing BNPL options for consumers and loans for SMEs.
Amnah Ajmal, Executive Vice President, Market Development at Mastercard EEMEA, said: “Consumers and merchants want choice and safety when it comes to payments. By partnering with ZoodPay, we are leveraging our technology to enable these payments in a digitally secure way.”