The service is initially made available for purchases at 52 brick-and-mortar stores of Sharaf DG, an electronics and home appliances chain in the UAE. Mashreq Bank will be the first acquiring bank to provide this Visa Installments Solution (VIS) on Visa credit cards in the UAE. The offer will be extended to Visa debit cards at a later stage.
When paying for goods at a Sharaf DG checkout counter with a Visa credit card, the customer is able to select the BNPL payment option on the POS terminal. The customer will then see the specific BNPL offers from their bank and will be able to choose the terms, as well as see the offered conditions in accordance with the tariffs of the bank. After the customer agrees to the BNPL terms, the purchase price will be divided into equal parts, and the terms of service will be printed on the purchase receipt.
Additionally, UAE cardholders can use their existing Visa credit cards instead of needing to submit an additional credit check, download a third-party lender App or open a new line of credit in order to participate in a program.
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