Abu Dhabi Islamic Bank (ADIB), in collaboration with Visa, has announced the launch of ‘Visa Installments Solution (VIS)’ for ADIB cardholders in the UAE. NEOPAY, the payment subsidiary of Mashreq, has become the first to enable VIS at local merchants in the UAE.
The payment solution is now available at multiple locations across the UAE. This includes Sharaf DG (Dubai Mall), Jacky’s (Mall of the Emirates, Deira City Center, Khalidiyah Mall, Burjuman Center, and Zahia City Center) & iStyle (Mirdif City Center). Visa also seeks to expand the VIS payment solution to more merchants across the UAE soon.
Empowering consumer convenience
ADIB and Visa’s agreement entails that ADIB’s Visa-covered cardholders can now utilize the ‘Visa Installments’ solution to pay back amounts in smaller, equal payments at checkout in-store. This allows them to effectively manage their budgets and afford larger purchases effortlessly.
Dr. Saeeda Jaffar, Visa’s SVP and group country manager for GCC, highlighted the collaborative efforts between Visa, ADIB and NEOPAY. “The UAE has become the first market worldwide to roll out the VIS with a set of unique, industry-wide features, including cross-border installments,” Jaffar added.
Enhancing financial solutions
Amit Malhotra, global head of retail banking at ADIB, emphasized the bank’s dedication to providing cutting-edge financial solutions for customers. By enabling Visa’s VIS for covered cardholders, ADIB aims to contribute to the growth of the digital commerce landscape in the UAE. Moreover, it seeks to enhance financial convenience for its customers.
Moreover, Kartik Taneja, chairman of NEOPAY, expressed pride in being the first acquirer to enable the Visa Installment Solution for local merchants in the UAE. This collaboration merges NEOPAY’s expertise in financial solutions with Visa’s global network and advanced technology capabilities. “It’s a testament to our commitment to providing cutting-edge financial solutions that meet the evolving needs of our clients and the market,” said Taneja.
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Consumer-centric approach
A survey by Euromonitor indicates consumer preferences for installment payment options. Euromonitor reveals that 48 percent of consumers in the UAE find installments make high prices more manageable and less intimidating. Meanwhile, 37 percent believe that installments offer help in handling surprising expenses. Therefore, ADIB and Visa aim to empower consumers with financial convenience and flexibility.
The Visa Installments Solution addresses consumer needs by making high prices more manageable and enhancing financial convenience. Additionally, it offers flexible payment solutions, cardholder activation, primacy, and strengthens merchant relationships.
The launch of VIS in the UAE aligns with Visa’s global vision to transform the checkout experience for consumers. By joining countries like Canada, the U.S., and the U.K., in enabling VIS, the UAE reinforces its position as a financial innovation hub for innovative payment solutions.
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