Mastercard has formed a major partnership with Lipa Later, a credit-focused financial services provider, to accelerate the growth of Buy Now, Pay Later (BNPL) payment systems in Africa.
- The partnership aims to provide specialized BNPL solutions and improved payment capabilities, opening up new opportunities for customers and businesses.
- The collaboration leverages Mastercard’s extensive network of merchants, advanced payment methods, and technology infrastructure to empower people and businesses with greater access to goods and services.
- The BNPL solution will offer various financing options, enabling seamless and omnichannel experiences for customers both online and offline.
- Instant Know Your Customer (KYC) capabilities will ensure frictionless purchasing for customers and easy access to funding.
- Retailers can expand their consumer base, increase average transaction sizes, and enhance their ability to offer a wider range of products and services.
- The partnership aims to promote financial inclusion, drive sustainable economic growth, and foster innovation in Africa.
- Mastercard is committed to inclusive growth, supporting local companies, advancing Africa’s economy, and embracing new payment mechanisms to create opportunities for all.