As the ‘Buy Now Pay Later’ market continues to grow to $1.5 trillion worldwide, Spotii has selected Mastercard as its exclusive payments BNPL partner in the region. The partnership will offer millions of consumers across the region flexible installment payment options with zero additional cost or hidden fees through the web, in-store or the Spotii app.
Spotii provides shoppers with the ability to Shop Now Pay Later with absolutely no cost or hidden fees. The goal is to support the region’s ecommerce ecosystem and provide an extremely consumer friendly product that would support customers while helping merchants grow a loyal consumer base. Consumers get a budgeting tool that allows them to manage expenses over a period of time while merchants enjoy accelerated sales. Spotii merchants have reported that Spotii has driven an average order value increase of 50% and a conversion uplift of 40%.
Through the partnership, Spotii’s services will extend to Mastercard’s extensive merchant network. Additionally, Spotii and Mastercard will collaborate to introduce several new and technologically innovative digital payment products for shoppers in the region. With an intuitive and easy-to-use platform, consumers can easily sign up to become part of Spotii’s platform and have the option of shopping in installment payment options at over 600 stores within the beauty and fashion sectors.
“Flexibility is a gamechanger in the world of e-commerce today. As a growing breed of sophisticated shoppers increasingly demand diversity in their payment options, Mastercard is committed to answering those needs. Our partnership with Spotii will propel the Buy Now Pay Later market in the region, enabling businesses to increase customer transactions and advance digitization, while giving consumers greater payment flexibility. At Mastercard, we want to connect consumers to their passions through many different convenient possibilities,” said Girish Nanda, Country Manager, UAE & Oman, Mastercard.
“Spotii’s mission is to empower customers and enable them to enjoy their shopping experience without worrying about excessive costs and hidden fees. At the same time, our platform supports customer acquisition and revenue growth for business owners – it’s a win-win. As today’s youth continues to demand more flexibility and convenience with payments, we are excited to work with a partner that shares our values. With our first to market solutions in the UAE and KSA, we are rapidly expanding to all other GCC markets. Mastercard’s footprint and payments expertise will allow us to grow our community centered on people and trust,” said Ziyaad Ahmed, Co-founder and COO Spotii.