Visa & NEOPAY team to launch flexible payment solution in the UAE
By Delisha Fernandes
Visa 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.
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