Following this announcement, the companies are set on improving the overall financial landscape of the region by focusing on financial inclusion and accelerating the adoption of new payment methods in the CEMEA area.
ABHI will use Visa Direct’s offerings in order to provide customers with a secure payment experience while facilitating a reliable and cost-effective way for clients to send and receive money at the same time. The A2A transfers will use card credentials, all being backed by Visa’s multi-layered security and risk control services. Users will be given the possibility to transfer funds and money between their own accounts, send remittances, top up their digital wallets, and fund savings by leveraging the cards that they already have.
The partnership also enabled Visa’s first Earned Wage Access (EWA) program in the GCC markets. ABGI will introduce the EWA tool into the UAE through the use of payouts to the existing eligible Visa cards, as well as payments to co-branded Visa cards. These will be issued specifically for the ABHI clients that are included in the Wage Protection System (WPS) segment.
Businesses and customers will also be enabled to benefit from real-time, secure, and efficient payment methods. Furthermore, they will be allowed to transfer funds directly between bank accounts, which eliminates the need for any kind of intermediaries and streamlining financial transactions.
YellowPepper represents a Visa solution that was designed to improve the manner in which institutions and enterprises connect to international and domestic real-time payment services through the Yepex platform. The tool will optimise the domestic payouts in the UAE by enabling individuals and businesses to have access to Visa Direct. YellowPepper will provide its technology in order to allow ABHI users to move money to Visa cards.
In addition, the companies will also focus on bridging the gap between the financially underserved population, as well as mainstreaming financial products. This will take place while the firms will also advance the Environmental, Social, and Governance (ESG) principles.
According to the press release, ABHI is set to launch a new initiative entitled `Send Now Pay Later` in order to improve the manner in which individuals send money across borders using their earned wages. Visa’s recent strategy of development
Visa had multiple partnerships and collaborations in the last couple of months, covering several different geographic areas across the globe.
In September 2023, the US-based automating accounts payables and receivables provider Veem introduced a Visa virtual card into its services in order to expand its real-time payment capability. The fee-free virtual card was aimed to allow customers to receive payments and make purchases around the world in a secure and efficient manner.
Earlier in the same month, the company announced its collaboration with M2P Fintech to improve the manner in which fintech and non-banking entities issued payment tools through the Visa Ready to Launch (VRTL) programme.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now