After cashless and contactless payments, the buy now pay later option could see the biggest pickup rates. Image Credit: Shutterstock

Dubai: Mashreq Bank will now offer ‘buy now pay later’ options on purchases made through merchant partners. This comes after tie-up with BNLY platform cashew Payments.

This way, customers can shop for assorted merchandise by paying off in small monthly installments and not having to pay any interest on the balance. Mashreq is one of the top three merchant acquirers in the country, with volumes having surged by more than 35 per cent in the first three months of this year. The bank also saw ecommerce volumes grow by more than 250 per cent in 2020.

“Customers (are) increasingly look for affordable methods to pay for their purchases,” said Kartik Taneja, Executive Vice-President and Head of Payments, Mashreq Bank.

“Similarly, merchants will significantly benefit from the partnership due to an enhanced payment experience, thereby drawing more customers and increasing their sales. As the use of contactless payments and digital wallets across the UAE steadily increases, we anticipate the uptake of BNPL services to follow suit.”