According to the announcement, NEOPAY, the payment subsidiary of Mashreq, enables VIS at local merchants in the UAE. The solution is available at Sharaf DG (Dubai Mall), Jacky’s (Mall of Emirates, Deira City Centre, Khalidiyah Mall, Burjuman Centre and Zahia City Centre) & iStyle (Mirdif City Centre) with more merchants to enable VIS soon.
As per the agreement, ADIB Visa covered cardholders can now opt for Visa Installments to pay back, the utilised amount from their covered cards for their spending, into smaller, equal payments at checkout in-store to effectively manage their budgets and afford larger purchases.
VIS is a real-time API-based platform that unites key stakeholders in the payment ecosystem, including issuing banks, payment processors, merchants, and payment facilitators. For issuing banks, VIS allows them to help increase cardholder engagement and loyalty while for acquiring banks it is a new value-added service that can help their merchant partners increase sales volume and conversion rates.
The partnership comes at a time when consumers are increasingly seeking out easy instalment payment options that align with their financial needs and preferences. A survey by Euromonitor in the UAE showed that 48% of consumers find instalments make high prices more manageable and less intimidating, while 37% believe these instalment offers help in handling unexpected expenses.
By leveraging insights, ADIB and Visa are aiming to empower consumers with enhanced financial convenience and prudential financial services as well as flexibility through the instalment solution. Additionally, it offers flexible payment solutions, cardholder activation and primacy and strengthens merchant relationships.
More about this partnership
In October 2023, Visa announced it is working with local issuers and acquirers in UAE to ensure they are technologically ready to offer Visa Installment Solution to consumers by early 2024. The UAE joins Canada, United States, United Kingdom, Hong Kong and Malaysia, in enabling VIS to transform the checkout experience for consumers.
