Introducing Visa and Neopay's New Innovative Payment Solution in the UAE

Introducing Visa and Neopay's New Innovative Payment Solution in the UAE

By Staff Writer, 06 October 2023

Visa and Neopay, the payment subsidiary of Mashreq Bank, have joined forces to create a new instalment payment solution for the UAE market, as reported by Zawya.

This innovation will permit credit cardholders to divide their retail purchases into manageable monthly transactions, aiding in effective budget management and making significant purchases more accessible.

The solution aims to enhance financial planning by spreading the cost of necessary items.

Anticipated to launch soon in the UAE, it will provide consumers with flexible payment choices at participating retailers across diverse industries.

Additionally, Visa's Instalment Solution opens up cross-border transaction possibilities in specific corridors, with future expansion plans for key markets such as Saudi Arabia and Qatar.

Saeeda Jaffar, Visa's Senior Vice President and Group Country Manager for GCC, mentioned the surging demand for instalment payment solutions in the UAE, backed by Euromonitor's research indicating a 20% conversion of consumer credit card purchases to instalments.

“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," he highlighted.

Fernando Morillo, Group Head of Retail Banking at Mashreq, noted that their partnership leverages Mashreq's financial expertise and Visa's global network and technology capabilities to deliver an exceptional instalment payment experience, empowering consumers with confidence and convenience in their purchases.

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