Mastercard's UAE Investment: Inside the Tamara Partnership
Mastercard, global technology company in the payments industry, has partnered with UAE fintech platform, Tamara.
Driven by its mission to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible, the partnership will see the two scale split payment solutions in the UAE.
“It’s partnerships and programs like this one with Tamara that give people access to more payment options, across the globe and here in the UAE.
"With our vast acceptance and reach, Mastercard is uniquely positioned to enable lenders and merchants to deliver seamless and secure flexible payment experiences at scale,” says Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard.
Strengthening the split payment ecosystem in the UAE
Tamara – the leading fintech platform in Saudi Arabia and the GCC – empowers millions to shop, pay and bank with ease.
Furthering its mission, the fintech has partnered with Mastercard to collaborate on the launch of a new virtual card in the UAE to strengthen the split payment ecosystem.
With flexible payment services expected to reach US$14.7bn by 2027 in the UAE, the industry is rapidly evolving, driven by digital transformation, consumer preferences and regulatory support.
Providers like Tamara are gaining traction among younger consumers and expatriates who prefer interest-free instalments over traditional credit cards.
Major financial institutions and fintech companies, such as Mastercard, are partnering with BNPL providers to expand the adoption.
The UAE’s advanced financial infrastructure and high smartphone usage makes it an ideal market for these solutions. Regulators, including the Central Bank of the UAE, are encouraging innovation in the sector while ensuring financial security.
As a result, businesses are increasingly integrating flexible payment options, making transactions faster, more accessible and aligned with global fintech trends.
Watch Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard. speak at FinTech LIVE Dubai 2024. FinTech LIVE returns in 2025, get your tickets here.
What does this partnership mean for the UAE?
With this partnership, the virtual card will enable Tarmara’s customers to split their purchases in up to four equal payments or pay in full. This can be done all through a fully Sharia compliant solution – online or in-store.
Consumers will also have instant access to a Tamara and Mastercard prepaid card, which they can link to their mobile wallets and simply tap to pay in retail outlets.
The partnership will see Mastercard expand its presence in the flexible payment and lending ecosystem while offering cardholders the ability to split payments at checkout.
It will also enable Tamara to grow its product suite through added-value services provided by Mastercard.
“Within the GCC, consumer awareness is rising regarding the versatile applications of split payment solutions, from essential, on-the-spot purchases to the pursuit of enhanced versions of coveted products.
"Our partnership with Mastercard signifies our commitment to adding flexibility, making shopping a seamless experience for our customers anywhere they shop,” says Abdulmajeed Alsukhan, Co-founder and CEO of Tamara.
“We eagerly anticipate expanding our collaboration to introduce innovative products and solutions as we continue to drive Tamara's growth and enhance our customer value proposition. This reflects our ongoing dedication to meeting the evolving needs of our customers through a Sharia compliant payment solution.”
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