In a bid to enhance consumer convenience and flexibility in the United Arab Emirates (UAE), Visa and NEOPAY, the payment subsidiary of Mashreq, have announced a partnership to introduce installment payment solutions. This collaboration responds to the surging demand for installment options among UAE consumers, enabling them to manage high-priced purchases more effectively, handle unexpected expenses, and enjoy a greater degree of payment flexibility.
Visa’s Installment Solution, known as VIS, empowers shoppers to embrace this flexibility both in-store and online through Visa cards. The solution allows consumers to make purchases at various points-of-sale terminals and eCommerce platforms while customizing their payment terms. Importantly, there is no need for an additional credit assessment, as consumers can use their existing bank credit cards to access installment offers. Merchants stand to benefit from accelerated growth, as this solution attracts customers through its flexible payment options.
Saeeda Jaffar, Senior Vice President and Group Country Manager for GCC at Visa, expressed: “We believe that this innovative offering will address the evolving need of consumers while at the same time driving digital transformation in the UAE,” Fernando Morillo, Group Head of Retail Banking at Mashreq, highlighted the partnership’s ability to combine financial expertise with Visa’s global network and technology capabilities.
This collaboration aligns with a digital transformation trend in the UAE, where 94% of the 3.1 million adult shoppers have utilized at least one digital shopping feature during their most recent purchase, according to the “2023 Global Digital Shopping Index: UAE Edition” a PYMNTS and Cybersource collaboration. Visa and NEOPAY’s installment payment solution is expected to launch in the UAE shortly, with plans for expansion to key markets including Saudi Arabia and Qatar in the future.