ADIB partners with Visa

The collaboration between ADIB and Visa follows current consumers’ needs and preferences of paying in instalments, with a recent survey by Euromonitor in the UAE confirming that 48% of consumers find that instalments make high prices more manageable and 37% consider that they support them in handling unexpected expenses. Considering this data, ADIB and Visa aim to enable consumers with improved financial convenience, practical lending, and flexibility through the instalment solution. Moreover, the two financial entities intend to provide flexible payment solutions, cardholder activation, and primacy, while strengthening merchant relationships.

According to ADIB’s officials, by offering customers a flexible, secure, and transparent instalment solution, the bank wants to help them manage their finances conveniently and efficiently. ADIB is one of the first Shari’a-compliant banking groups to integrate the new instalment solution for Visa cardholders. By joining forces, the bank combines its financial knowledge with Visa’s global network and technology capabilities. The partnership supports ADIB’s commitment to providing enhanced solutions and improving customer satisfaction.

Representatives from Visa stated that the demand for instalment payment solutions in the UAE is expanding, specifically for large purchases including home appliances, electronics, jewellery, and education-related expenses. The company intends to address the needs of consumers while also accelerating digital transformation in the region. The addition of VIS to ADIB’s card portfolio solidifies the bank’s commitment to providing enhanced services to customers and remaining responsive to varying banking requirements.

The partnership with ADIB is not the first one for Visa in the region, as recently Mashreq Bank entered a collaboration with the company and ecolytiq to launch its new climate banking platform in the MENA area. Through this, Mashreq customers gained access to a suite of features that allow them to control their personal environmental impact. The climate banking platform was intended to simplify the overlay of carbon emissions calculations onto transaction data, providing customers with more transparency on their spending. Furthermore, the platform integrated advanced carbon footprint analytics to personalise climate insights to customers and educate and encourage climate action.

During the same period, Remitly, a remittance processor, expanded its partnership with Visa to simplify cross-border money movements for its customers. Through this, the two companies intended to improve the global money movement and develop Remitly’s initial integration of Visa Direct. The extended collaboration enabled Remitly’s customers in more than 15 countries to send money directly to their family and friends’ Visa debit card and bank accounts in more than 100 jurisdictions worldwide.

At the beginning of January 2023, ADIB announced the launch of tokenised, contactless payment methods through the options clasp and ring ADIB PAY, in collaboration with Visa and Tappy Technologies. This allowed ADIB Visa cardholders to make contactless payments using their watch, ring, or bracelet, without being required to carry a physical card. The tokenised contactless payment clasp could be attached to several wearables, instantly turning them into a smart payment device. 

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