On 25 September 2024, Mastercard and ZOODannounced a significant development in Uzbekistan’s financial landscape with the launch of the ZOOD Card, the country’s first virtual Buy Now Pay Later (BNPL) card. This innovative financial tool aims to enhance consumer flexibility by enabling users to convert their purchases into manageable installment plans for both in-store and online shopping.
Unique Offering in Central Asia
The ZOOD Card sets itself apart in the Central Asian market by allowing consumers to shop at local and international online retailers, including major platforms like Amazon, eBay, and Alibaba. “ZOOD Card is the first-of-its-kind virtual BNPL card in Uzbekistan that aims to disrupt the BNPL space and empower consumers to manage their cashflows with ease and comfort,” stated Michael Khoi, Co-Founder and Group CEO of ZOOD.
Consumers will have the option to split their purchases into 3, 6, or 12 installments, with the card available for free. According to KPMG, the market share for POS financing and BNPL in Uzbekistan’s e-commerce sector is projected to reach 22% by 2027 in the higher-end segment.
Driving Financial Inclusion
Amnah Ajmal, Executive Vice President of Market Development at Mastercard for EEMEA, emphasised the importance of this initiative: “Consumers today demand more flexibility and choice while transacting securely. By combining ZOOD’s innovative approach with Mastercard’s global network and technology, we are not only expanding access to convenient financing options but also driving digital inclusion across the region.”
The partnership with Ipak Yuli Bank as the BIN Sponsor further solidifies the initiative’s potential to address the growing demand for flexible payment options in Uzbekistan. The card is set to be initially available to ZOOD’s existing customers, with a broader rollout scheduled for October.
Meeting Consumer Needs
Both Mastercard and ZOOD are committed to understanding and meeting the needs of their customers in an ever-evolving market. As they focus on compliance with local regulations, the ZOOD Card is positioned to provide secure, efficient, and convenient payment solutions for underbanked customers.
Conclusion
The launch of the ZOOD Card represents a pivotal moment for financial services in Uzbekistan, marking a step towards greater digital inclusion and financial flexibility. With its innovative features and the backing of established financial institutions, the ZOOD Card is poised to reshape the BNPL landscape in the region.
