Dubai – Mubasher: Visa and Neopay, the payment subsidiary of Mashreq Bank, teamed up to develop a new instalment payment solution for the UAE market, according to a press release.
This solution will enable consumers with credit cards to split their retail transactions into convenient monthly retail transactions, which will help them manage their budgets effectively and make larger purchases more affordable.
It also supports greater flexibility and control over financial planning for the customer through distributing the cost of the goods they need.
The new instalment payment solution is expected to launch in UAE soon. Once deployed, consumers will be able to leverage flexible payment options at participating retailers across various industries.
Visa's Instalment Solution offers cross-border transaction opportunities with selected corridors, with future plans in key markets, such as Saudi Arabia and Qatar.
Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC, indicated: "The demand for instalment payment solutions has been rapidly growing in the UAE, as supported by the research conducted in Euromonitor, revealing that 20% of consumer credit card purchase volume is now converted to installments.”
“We believe that this innovative offering will address the evolving needs of consumers while at the same time driving digital transformation in the UAE market," Jaffar highlighted.
Fernando Morillo, Group Head of Retail Banking at Mashreq, noted "This partnership enables us to combine our expertise in financial solutions with Visa’s global network and technology capabilities.”
“Working together, we aim to provide an exceptional instalment payment experience that empowers consumers to make purchases with confidence and convenience,” Morillo added.
