News DeskDubai, UAE – Abu Dhabi Islamic Bank (ADIB), in collaboration with Visa and NEOPAY, has introduced the Visa Installments Solution (VIS) for ADIB covered cardholders in the UAE. This innovative digital payment solution allows users to conveniently pay for purchases through smaller, equal installments, enhancing financial flexibility and affordability.
VIS is now operational for ADIB covered cardholders at select retail stores including Sharaf DG, Jacky’s, and iStyle across various malls in the UAE. NEOPAY, the payment subsidiary of Mashreq, stands as the first acquirer to enable VIS at local merchants, paving the way for widespread adoption and accessibility.
Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC, expressed enthusiasm for the partnership, highlighting the UAE’s pioneering role in rolling out VIS with unique features, including cross-border installments. This collaboration aligns with the government’s digital commerce agenda and reinforces Visa’s commitment to enhancing payment experiences for consumers.
Amit Malhotra, Global Head of Retail Banking at ADIB, emphasized the milestone achieved in offering VIS to ADIB cardholders, marking the bank as the first Shariah-compliant banking group globally to enable this service in the UAE. He underscored the significance of providing innovative financial solutions to meet evolving customer needs and contribute to digital commerce growth.
Kartik Taneja, Chairman of NEOPAY, expressed pride in being the first acquirer to enable VIS for local merchants, highlighting the partnership’s fusion of financial expertise and advanced technology capabilities.
The launch of VIS responds to consumer preferences, with surveys indicating that installment options make high prices more manageable for 48% of consumers and assist in handling unexpected expenses for 37%. This initiative reflects ADIB and Visa’s commitment to offering enhanced financial convenience and flexibility to consumers, strengthening merchant relationships, and contributing to the growth of the digital commerce landscape in the UAE.
VIS operates as a real-time API-based platform, bringing together key stakeholders in the payment ecosystem, including issuing banks, payment processors, merchants, and payment facilitators. It enables issuing banks to enhance cardholder engagement and loyalty, while providing acquiring banks with a value-added service to increase sales volume and conversion rates for their merchant partners.
Visa’s announcement in October 2023 highlighted efforts to ensure technological readiness among local issuers and acquirers, positioning the UAE alongside leading markets such as Canada, the United States, and the United Kingdom in offering VIS to consumers.
The introduction of VIS represents a significant advancement in digital payments in the UAE, offering consumers greater convenience, flexibility, and affordability in managing their finances while making purchases.
