Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, in partnership with Visa, a world leader in digital payments, has announced Visa Installments Solution (VIS) is officially live for ADIB covered cardholders in the UAE.
NEOPAY, the payment subsidiary of Mashreq, becomes the first acquirer to enable VIS at local merchants in the UAE. 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.
The solution is available now 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.
Dr.. Saeeda Jaffar SVP & Country Manager Visa GCC
“We are excited to see “Visa Instalment Solution” officially live in the UAE. This is the result of Visa’s efforts in line with the government’s digital commerce agenda to enable banks and merchants in bringing this innovative solution to the UAE retail sector. Thanks to our partners ADIB and NEOPAY, the UAE has become the first market worldwide to roll out the VIS with a set of unique, industry-wide features, including cross-border Installments. This partnership is a testament to our commitment to delivering an enhanced digital retail journey for consumers who seek and deserve better, more rewarding payment experiences.”
According to the agreement, ADIB Visa-covered cardholders can now opt for Visa Installments to pay back, the utilized 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 effortlessly.
Amit Malhotra, Global Head of Retail Banking at ADIB, commented that, “The launch of Visa Installments Solution (VIS) for ADIB cardholders marks a significant milestone in our commitment to enhancing financial convenience for our customers. As the first fully Shariah-compliant banking group globally to enable VIS for covered cardholders in the UAE, we are proud to offer this innovative solution in partnership with Visa.”
“Through our collaboration with Visa, ADIB cardholders can now enjoy the flexibility of paying back, the utilized amount from their covered cards for their purchases, into smaller, manageable easy installment payments at select retail stores, empowering them to make larger purchases effortlessly while staying within their budgets. This initiative underscores our dedication to providing cutting-edge financial solutions that cater to the evolving needs of our customers and contribute to the growth of the digital commerce landscape in the UAE,” Malhotra added.
The partnership comes at a time when consumers are increasingly seeking out easy installment payment options that align with their financial needs and preferences, as per the reports.
Kartik Taneja, Chairman of NEOPAY, said that, “We are proud to be the first acquirer to enable the “Visa Installment Solution” for local merchants in the UAE. This partnership allows us to merge our expertise in financial solutions with Visa’s extensive global network and advanced technology capabilities. We are proud to be part of this significant industry milestone, which introduces an innovative installment solution for UAE consumers. It’s a testament to our commitment to providing cutting-edge financial solutions that meet the evolving needs of our clients and the market.”
