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Dubai, UAE – In a first for the Middle East and North Africa region, Visa launched a new installments service that will help consumers with eligible UAE-issued Visa cards access “Buy Now, Pay Later” (BNPL) financing for regular purchases at the point of sale when buying goods. The service is initially made available for purchases at 52 brick-and-mortar stores of Sharaf DG, a major electronics and home appliances chain in the UAE. Mashreq Bank will be the first acquiring bank to provide this innovative Visa Installments Solution (VIS) on Visa credit cards in the UAE. The offer will be extended to Visa debit cards at a later stage.
The VIS service is simple and convenient to use. When paying for goods at a Sharaf DG checkout counter with a Visa credit card, the customer is able to select the BNPL payment option on the POS terminal. The customer will then see the specific BNPL offers from their bank and will be able to choose the terms, as well as see the offered conditions in accordance with the tariffs of the bank. After the customer agrees to the BNPL terms, the purchase price will be divided into equal parts, and the terms of service will be printed on the purchase receipt.
BNPL payment plans offer shoppers greater flexibility and control over their monthly finances by providing a fixed schedule to pay for purchases at a 0% or considerably reduced interest rates compared to the typical credit card rates. Additionally, UAE cardholders can use their existing Visa credit cards instead of needing to submit an additional credit check, download an 3rd party lender App or open a new line of credit in order to participate in a program.
“When developing our products and innovative payment solutions, we primarily focus on the desire of banks and retailers to provide the most understandable and convenient service for the consumer. The launch of our solution in the UAE is now very timely: it allows customers to access BNPL financing to evenly distribute the cost of the goods they need, thereby reducing the burden on their budget. The solution makes it easier and faster to pay in installments and choose to do so right at the POS-terminal. This will ultimately expand the range of goods available to consumers with a simple and clear mechanism for equal payments, and help retailers to increase sales and customer loyalty,” said Shahebaz Khan, Visa’s General Manager for the UAE, Oman and Bahrain.
Kartik Taneja, Executive Vice President, Head of Payments at Mashreq Bank said: “We are delighted to expand our collaboration with Visa to introduce the first installments solution of its kind within the UAE. Through this service, customers will have more flexibility when meeting their payments, whenever they purchase goods at Sharaf DG. We look forward to rolling out more solutions such as this – to empower them with greater flexibility as well as convenience.”
“We have been eagerly waiting for this announcement and are very excited to offer it to our customers. This helps create a win-win equation for Visa, Mashreq and our customers at Sharaf DG” said Manish Chokhani, Senior Finance Manager, Sharaf DG.
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About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, www.visamiddleeast.com/blog and @Visamiddleeast.
For further information, please contact:
asda’a bcw, Dubai, UAE
Dhanya Issac | Danaisha Gulabani
E-mail: Dhanya.Issac@bcw-global.com , Danaisha Gulabani@bcw-global.com
Tel: 971-4-450-7600
© Press Release 2021
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