Visa responds to demand, introducing flexible instalment plans in the GCC, enhancing payment choices for consumers and improving shopping experiences.
Visa has revealed its intentions to launch the Visa Installment Solution (VIS) in the GCC for the first time in response to the growing consumer demand in installment payment options.
With the help of VIS, partners and clients can adopt installment plans more widely, gaining acceptability and improving the shopping experience for customers. According to Visa, the goal of the solution is to provide flexible payment choices to qualified Visa credit cards, allowing them to more affordably manage their budgets and make greater purchases.
By March or April of 2024, Visa wants to make sure that local issuers and acquirers in the UAE, KSA, and Qatar are technologically prepared to support and provide the solution to customers. With the aim of revolutionising the checkout process in over 30 nations in the next five years, Visa is enabling VIS internationally and is currently residing in five countries: Canada, the United States, the United Kingdom, Hong Kong, and Malaysia.
Key players in the payment ecosystem, such as issuing banks, payment processors, merchants, and payment facilitators, are brought together by VIS, a real-time API-based platform. Customers can use this integrated system at Point-of-Service terminals or e-commerce platforms to activate installment payments based on their eligibility at checkout. Cardholders can use new or existing credit cards with ease using VIS thanks to a framework that is adaptable, interoperable, and can work with any bank.
VIS providing openness
“At Visa, we always look for ways to improve our customer experience and support local businesses with innovative payment solutions for their customers,” said Dr. Saeeda Jaffar, senior vice president and group country manager for Visa in the GCC. Visa is thrilled to introduce its installment solution (VIS) to the GCC for the first time for this reason.
“With Mashreq Bank’s subsidiary in the United Arab Emirates, NeoPay, we have already started our journey. Moreover we look forward to working with more local partners and stakeholders in the region to accelerate adoption.
“VIS elevates the entire shopping experience for Visa cardholders by improving budget management, financial control, and transparency.” Finally businesses benefit from increased sales and conversion rates, issuers gain additional revenue streams to improve cardholder engagement and loyalty, and acquirers gain access to beneficial new merchant services. a situation where everyone wins.
