back Back

Visa Installment Solution now live for ADIB cardholders

By Delisha Fernandes

April 30, 2024

  • Abu Dhabi Islamic Bank
  • Financial Services
  • fintech MENA
Share

Visa, SAPAbu Dhabi Islamic Bank (ADIB) and Visa have 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.

“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. 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 Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC.

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.

Amit Malhotra, Global Head of Retail Banking at ADIB, said, “The launch of Visa Installments Solution (VIS) for ADIB cardholders marks a significant milestone in our commitment to enhancing financial convenience for our customers. 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.”

The partnership comes at a time when consumers are increasingly seeking out easy instalment payment options that align with their financial needs and preferences. A survey by Euromonitor in the UAE revealed that 48% of consumers find instalments make high prices more manageable and less intimidating, while 37% believe these installment offers help in handling unexpected expenses.

By leveraging insights, ADIB and Visa are aiming to empower consumers with enhanced financial convenience and prudential financial services as well as flexibility through the instalment 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.

Previous Article

April 30, 2024

Azentio Software bags 3 honours at IBSi Digital Banking Awards 2024

Read More
Next Article

April 30, 2024

Manulife & Standard Chartered Hong Kong team to offer Private Banking

Read More








IBSi Daily News Analysis

Complaints Fraud

May 22, 2024

Abu Dhabi Islamic Bank

UK SMEs lack fraud protection, facing significant financial risks, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 22, 2024

Sabre Hospitality and Uplift partner to offer flexible hotel payments

Read More

May 22, 2024

American Express & Emburse bring integrated expense management solutions to SMEs

Read More

May 22, 2024

SurePay teams up with FIS to deliver Verification & CoP solutions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023