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Visa and NOW Money announce UAE partnership for low-income workers

By Edil Corneille

November 06, 2020

  • UAE
  • VISA
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VisaGlobal payments technology company Visa has partnered with NOW Money, the UAE-based digital account service, to grant low-income customers in the Gulf region access to a full-service digital banking solution.

Customers will receive a Visa payment card, which can be used online or in any of Visa’s 61 million global acceptance locations, and a NOW Money account, which requires no minimum balance.

Existing NOW Money customers will be issued with contactless-enabled Visa payment cards that can be used at contactless payment terminals across 200 countries and territories worldwide. NOW Money customers will also have access to digital financial services in the NOW Money app, such as low-cost money transfer solutions and mobile top-ups.

NOW Money’s cofounder, Katharine Budd enunciated, “The Visa and NOW Money partnership takes our customers beyond convenient banking, into quality banking. As well as being the leading card scheme for our markets, Visa has a host of initiatives to offer account holders, including merchant offers. This is a monumental step forward on our mission to ensure no person is excluded from accessing the highest quality financial services.”

Budd continues, “When a customer’s lifetime with NOW Money increases, so does their expectation of the service and it’s important we continue innovating to meet and exceed this. We’re delighted to be partnering with Visa to put an end to financial exclusion.”

Ian Dillon, co-founder of NOW Money elucidated, “Financial inclusion is only possible if traditional players and innovative start-ups work together. This is a vital partnership with a global payments player that supports our mission, particularly as millions of low-income people continue to face challenges of working and living in a digital society.”

Earlier this year, NOW Money joined Visa’s global FinTech Fast Track program which speeds up the ability for FinTech partners to build and deliver new commerce experiences on Visa’s payments network.

Shahebaz Khan, Visa General Manager for UAE apprised, “This partnership with NOW Money is consistent with Visa’s global strategy to collaborate with emerging fintech companies and innovative platform partners to drive financial inclusion and accelerate the growth of the digital economy. We have seen the impact the global pandemic has had in accelerating the demand for cashless solutions across all consumer segments – and especially in the eCommerce and tap to pay space. NOW Money was part of our FinTech Fast Track program and it’s really encouraging to see how this program enables partnerships like this that truly help bridge the gap that still exists in sectors of our society, and ensures secure and convenient digital payment options are available to everyone, everywhere.”

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