Visa Introduces Installments Solution in the UAE in Collaboration with Network International
A new installment solution called Visa Installments Solution (VIS) has been introduced by Network International, a digital commerce company in the Middle East and Africa (MEA) region, in collaboration with Visa for its merchants and issuer clients in the UAE. This new solution allows Visa credit cardholders to divide their spending into smaller, equal payments at Network International’s merchant partners both online and in-store.
This collaboration aims to provide consumers with more payment options on cards and a more seamless payment experience. It also benefits merchants by increasing sales volumes and conversion rates and facilitating seamless cross-border enablement across Network’s issuer clients in the Middle East and Africa region. This will help to increase cardholder engagement and loyalty.
Consumers are increasingly seeking out installment payment options, as revealed by a recent survey by Euromonitor in the UAE. 48% of consumers find installments make high prices more manageable and less intimidating, while 37% believe these installment offers help in handling unexpected expenses.
Nandan Mer, Chief Executive Officer at Network International, stated: “In response to evolving customer needs, we are proud to introduce this new installment solution across merchants and issuers in the UAE. Given our role in the ecosystem, Network International is strongly positioned to bring together the local payments ecosystem – especially banks and merchants – to significantly simplify and enhance the payment experience for consumers.”
Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC, expressed excitement about the strategic collaboration with Network International. They believe that this innovative offering will address the evolving needs of consumers and drive digital transformation in the market.
Currently live in five countries, including Canada, the United States, the 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. This strategic collaboration between Network International and Visa is set to transform the payment experience for consumers and merchants in the UAE.
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