Visa and NEOPAY, the payment subsidiary of Mashreq, have joined forces to introduce an installment payment solution to the United Arab Emirates (UAE).
The partnership aims to provide consumers with greater flexibility and convenience when making purchases, the companies said in a Thursday (Sept. 14) press release. The new installment payment solution is expected to launch in the UAE soon, per the release.
The demand for installment payment options has been rapidly growing in the UAE, the companies said. Consumers find that installment offers make high prices more manageable, help in handling unexpected expenses and are more flexible than other payment options.
Visa’s Installment Solution, known as VIS, is designed to cater to the demand for flexible payments, the release said, with shoppers being able to use it both in-store and online shopping via a Visa card.
Shoppers can make purchases across various points-of-sale terminals and eCommerce channels and select their payment terms, the release said. There is no additional credit assessment required, and consumers can use their existing bank credit card to apply for installment offers. This solution also accelerates growth for merchants and may help them gain customers by offering flexible payment solutions.
Furthermore, Visa’s installment solution opens up cross-border transaction opportunities with selected corridors, with future plans in key markets such as Saudi Arabia and Qatar, per the release.
“We believe that this innovative offering will address the evolving need of consumers while at the same time driving digital transformation in the UAE,” Saeeda Jaffar, senior vice president and group country manager for GCC at Visa, said in the release.
Fernando Morillo, group head of retail banking at Mashreq, added: “This partnership enables us to combine our expertise in financial solutions with Visa’s global network and technology capabilities.”
PYMNTS Intelligence has found that while consumers worldwide are increasingly using digital features to enhance their shopping journeys, few markets have embraced a digital shift as quickly as the UAE.
Ninety-four percent of the UAE’s 3.1 million adult shoppers used at least one digital shopping feature during their most recent purchase, according to the “2023 Global Digital Shopping Index: UAE Edition,” a PYMNTS and Cybersource collaboration.
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