ZoodPay, the super app from the Middle East and Central Asia, will be collaborating with Network International in order to provide BNPL solutions, a report says.
ZoodPay is the first Jordanian company working with BNPL. It’s currently offering the option on ZoodMall, its own marketplace, with online partners.
The strategic collaboration will see ZoodPay providing BNPL enablement for thousands of merchant partners with Network in order to let Jordanians to buy products and pay in installments.
Merchants using Network terminals will get an automatic service upgrade, and ZoodPay’s service will be available in the second quarter without needing any more additional technical integration.
The two companies also have plans to debut co-marketing campaigns to raise awareness about the BNPL benefits.
Customers will reportedly have to download the ZoodPay app and apply for a credit limit and get instant approval before using the BNPL service.
PYMNTS wrote that the prevalence of BNPL has come with a corresponding increase in fraud, with one report finding that 80% of global cybersecurity leaders consider attacks like ransomware to be a top threat to public safety, with things like account takeover, phishing and other scams growing on BNPL apps.
Read more: BNPL and Other Alt Payments Need Stronger Authentication
The PYMNTS report notes that there’s been a 66% increase in BNPL-focused fraud between 2020 and 2021.
Account takeover attacks use previously stolen credentials to pose as legitimate users of installment payment services.
So the report says defending against these kinds of things should be paramount for merchants.
But consumers have put a rising amount of trust in mobile pay or FinTech apps even with the spiking fraud concerns, with 73% of consumers surveyed believing their data is private and kept secure on the apps.
However, many consumers also don’t have clarity on what information FinTech apps are able to share, with only 24% of individuals aware that FinTech apps could share their private data with third-party entities.
