June 21, 2024
PRESS RELEASES

Visa Installment Solution now live for ADIB cardholders at NEOPAY merchant locations in UAE

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, in partnership with Visa (NYSE: V), a world leader in digital payments, has announced “Visa Installments Solution (VIS)” is officially live for ADIB covered cardholders in the UAE. NEOPAY, the payment subsidiary of Mashreq, becomes the first acquirer to enable VIS at local merchants in the UAE.  The solution is available now at Sharaf DG (Dubai Mall), Jacky’s (Mall of Emirates, Deira City Centre, Khalidiyah Mall, Burjuman Centre and Zahia City Centre) & iStyle (Mirdif City Centre) with more merchants to enable VIS soon.

According to the agreement, ADIB Visa-covered cardholders can now opt for “Visa Installments” to pay back, the utilized amount from their covered cards for their spending, into smaller, equal payments at checkout in-store to effectively manage their budgets and afford larger purchases effortlessly.

“We are excited to see “Visa Instalment Solution” officially live in the UAE. This is the result of Visa’s efforts in line with the government’s digital commerce agenda to enable banks and merchants in bringing this innovative solution to the UAE retail sector. Thanks to our partners 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. This partnership is a testament to our commitment to delivering an enhanced digital retail journey for consumers who seek and deserve better, more rewarding payment experiences,” said Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC.

Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “The launch of Visa Installments Solution (VIS) for ADIB cardholders marks a significant milestone in our commitment to enhancing financial convenience for our customers. As the first fully Shariah-compliant banking group globally to enable VIS for covered cardholders in the UAE, we are proud to offer this innovative solution in partnership with Visa. Through our collaboration with Visa, ADIB cardholders can now enjoy the flexibility of paying back, the utilized amount from their covered cards for their purchases, into smaller, manageable easy installment payments at select retail stores, empowering them to make larger purchases effortlessly while staying within their budgets. This initiative underscores our dedication to providing cutting-edge financial solutions that cater to the evolving needs of our customers and contribute to the growth of the digital commerce landscape in the UAE.”

“We are proud to be the first acquirer to enable the “Visa Installment Solution” for local merchants in the UAE. This partnership allows us to merge our expertise in financial solutions with Visa’s extensive global network and advanced technology capabilities. We are proud to be part of this significant industry milestone, which introduces an innovative installment solution for UAE consumers. 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 Kartik Taneja, Chairman of NEOPAY.

The partnership comes at a time when consumers are increasingly seeking out easy installment payment options that align with their financial needs and preferences. A survey by Euromonitor in the UAE revealed that 48% of consumers find installments make high prices more manageable and less intimidating, while 37% believe these installment offers help in handling unexpected expenses[1]. With these data-driven insights, ADIB and Visa are committed to empowering consumers with enhanced financial convenience and prudential financial services as well as flexibility through the innovative installment solution. Additionally, it offers flexible payment solutions, cardholder activation, and primacy, and strengthens merchant relationships.

VIS is a real-time API-based platform that unites key stakeholders in the payment ecosystem, including issuing banks, payment processors, merchants, and payment facilitators. For issuing banks, VIS allows them to help increase cardholder engagement and loyalty while for acquiring banks it is a new value-added service that can help their merchant partners increase sales volume and conversion rates. 

In October 2023, Visa announced it is working with local issuers and acquirers in UAE to ensure they are technologically ready to offer Visa Installment Solution to consumers by early 2024. The UAE joins Canada, the United States, the United Kingdom, Hong Kong, and Malaysia, in enabling VIS to transform the checkout experience for consumers.


    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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