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Home page>PRESS RELEASE>Companies News>Visa prepares GCC to mee...
FINANCIAL SERVICES


VISA PREPARES GCC TO MEET GROWING DEMAND FOR FLEXIBLE PAYMENTS WITH NEW VISA
INSTALLMENT SOLUTION


Dr. Saeeda Jaffar, Visa’s Senior VP and Group Country Manager for GCC. Image
Courtesy: Visa

Participating card issuers and acquirers in UAE, Saudi Arabia and Qatar will be
able to offer eligible Visa cardholders flexible and transparent installment
payment plans at merchant checkouts, both in-store and online


Press Release

October 18, 2023

FINANCIAL SERVICES

> PHOTO
> Dr. Saeeda Jaffar, Visa’s Senior VP and Group Country Manager for GCC. Image
> Courtesy: Visa

 * Visa is mass enabling Visa Installment Solution (VIS) for the first time in
   the markets and encouraging local issuers and acquirers to be technologically
   enabled with the solution by March-April 2024.

Dubai, UAE: As consumer interest in installment payment options continue to
grow, Visa has announced its plans to introduce the Visa Installment Solution
(VIS) in GCC for the first time. VIS enables clients and partners to implement
installment solutions on a larger scale, providing widespread acceptance while
enhancing the consumer shopping experience. This solution aims to offer eligible
Visa credit cardholders flexible payment options, enabling them to effectively
manage their budgets and make larger purchases more affordable.

Visa is working with local issuers and acquirers in UAE, KSA and Qatar to ensure
they are technologically ready to support and offer the solution to consumers by
March-April 2024. Currently live in five countries including Canada, United
States, United Kingdom, Hong Kong and Malaysia, Visa is enabling VIS globally
with the goal to transform the checkout experience across over 30 countries in
the next five years.

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. This integrated system allows consumers to activate
installment payments at checkout based on their eligibility, whether at
Point-of-Service terminals or eCommerce platforms. With VIS, cardholders can
seamlessly utilize their existing credit cards or new ones within a flexible,
interoperable framework that accommodates any bank.





Dr. Saeeda Jaffar, Visa’s Senior VP and Group Country Manager for GCC, stated:
“At Visa, we always look for ways to improve our customer experience, and
support local businesses with innovative payment solutions for their customers.
That’s why we're excited to debut our installment solution for the first time in
the GCC. Our journey has already begun with UAE’s NeoPay, Mashreq Bank's
subsidiary, and we eagerly anticipate partnering with more of our local
stakeholders and partners across the region to fast-track adoption."

She added, "VIS delivers transparency, enhances financial control, and improves
budget management for Visa cardholders, all while elevating the overall shopping
experience. It helps businesses boost sales and conversion rates, issuers in
enhancing cardholder engagement and loyalty through new revenue streams, and
acquirers with valuable new merchant services. A win-win for everyone,
everywhere."

To learn more about Visa Installments Solution, please visit Visa Installments.





About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions
between consumers, merchants, financial institutions and government entities
across more than 200 countries and territories. Our mission is to connect the
world through the most innovative, convenient, reliable and secure payments
network, enabling individuals, businesses and economies to thrive. We believe
that economies that include everyone everywhere, uplift everyone everywhere and
see access as foundational to the future of money movement. Learn more at About
Visa, visamiddleeast.com/blog and @Visamiddleeast.

Media Contact
asda’a bcw, Dubai, UAE
Danaisha Gulabani
E-mail: Danaisha.Gulabani@bcw-global.com

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© Press Release 2023

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damages.




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