Visa Installments introduced in the UAE by Network International, offering credit card users the flexibility to split payments at numerous POS terminals.
Together with Visa, the leader in digital payments, Network International, the Middle East and Africa’s (MEA) digital commerce enabler, has launched Visa Installments Solution (VIS) for its issuer and merchant clients in the UAE.
Visa credit cards will be able to choose “Visa Installments” under this agreement, which will allow them to split their expenditure into smaller, equal payments at Network International’s UAE merchant partners both online and in-store.
With thousands of merchants in many industries, such as high-end retail, hotels, electronics, jewelry, and hypermarkets, Network International presently has over 160,000 Point-of-Sale (POS) terminals. These merchants stand to gain from this innovative installment option.
Through its partnership with Visa, the digital commerce enabler aims to provide more card payment possibilities and a more smooth payment experience for customers. Additionally, it will raise the sales volumes and conversion rates of retailers.
At a time when more and more customers are looking for installment payment plans that suit their budgetary requirements and preferences, this strategic alliance is being launched. According to a recent Euromonitor survey conducted in the United Arab Emirates, 48% of consumers think that paying expensive costs in installments makes them more approachable and less scary, while 37% think that they can help with unforeseen expenses.
“Streamline and improve the way customers make payments”
Network International’s chief executive officer, Nandan Mer, outlined the importance of the collaboration as follows: “We are pleased to launch this new Visa instalments solution across merchants and issuers in the UAE in response to changing customer needs.
“Network International is well-positioned to unite the local payments ecosystem, particularly banks and merchants, to greatly simplify and improve the payment experience for customers, given our role in the ecosystem.”
Additionally, Dr. Saeeda Jaffar, SVP and group country manager for the GCC at Visa, outlined the potential advantages of the installment plan for the UAE. We are thrilled to share the news of our strategic partnership with Network International.
“In the Gulf, there has been a sharp increase in the need for instalment payment plans, particularly for big ticket items like electronics, jewelry, appliances, and airline reservations. We think that this cutting-edge product will both drive the market’s digital revolution and meet the changing needs of customers.
Currently, Visa Installments is available in Canada, the US, the UK, Hong Kong, and Malaysia, among other five nations.
Currently available in five nations—Canada, the US, the UK, Hong Kong, and Malaysia—Visa is empowering financial institutions to revolutionize their checkout processes over the course of the next five years.
