back Back

Visa & NEOPAY team to launch flexible payment solution in the UAE

By Delisha Fernandes

September 15, 2023

  • Buy Now
  • Credit Cards
  • Ecommerce
Share

Visa, NEOPAY, Mashreq, retail transactions, credit cards, Buy Now, Pay Later, eCommerce, FinTech news, FinTech UAEVisa and NEOPAY, a payment subsidiary of Mashreq, have joined forces to bring a new instalment payment solution to the UAE market. The strategic partnership aims to offer consumers greater flexibility and convenience when making purchases.

Under the terms of the agreement, Visa and NEOPAY will collaborate to develop and launch a instalment payment solution that will enhance how consumers pay for their retail transactions.

This solution will enable consumers with credit cards to split their purchases into convenient and manageable monthly instalments, empowering them to manage their budgets effectively and make larger purchases more affordable.

“We are excited to announce this strategic collaboration with NEOPAY,” said Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC. “The demand for instalment payment solutions has been rapidly growing in the UAE, as supported by the research conducted in Euromonitor, revealing that 20% of consumer credit card purchase volume is now converted to installments. We believe that this innovative offering will address the evolving needs of consumers while at the same time driving digital transformation in the UAE market”.

Visa’s Instalment Solution opens up cross-border transaction opportunities with selected corridors, with future plans in place in key markets such as the Kingdom of Saudi Arabia and Qatar. By actively implementing its network-based instalment solution in significant regions, including North America, Asia Pacific, Middle East, and Europe, Visa aims to empower consumers with flexible payment options and drive increased conversion rates for merchants.

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. Working together, we aim to provide an exceptional instalment payment experience that empowers consumers to make purchases with confidence and convenience.”

The new instalment payment solution is expected to launch in UAE soon. Once implemented, consumers will be able to take advantage of this convenient and flexible payment option at participating retailers across various industries.

Previous Article

September 14, 2023

Payhawk partners with Lune to help companies go green

Read More
Next Article

September 15, 2023

Juspay rolls out HyperUPI with Yes Bank for merchant platforms

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Buy Now

Why predictive AI is a critical necessity in the field of cybersecurity

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

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

June 20, 2024

TerraPay & Thredd to power virtual card payments for the travel industry

Read More

June 20, 2024

Mexican FinTech unicorn Clip secures $100m investment

Read More

Related Reports

Sales League Table Report 2024
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