Visa prepares GCC to meet growing demand for flexible payments with new Visa Installment Solution

Riyadh: Gulf Tech News

• Participating card issuers and acquirers in Saudi Arabia, UAE and Qatar will be able to offer eligible Visa cardholders flexible and transparent installment payment plans at merchant checkouts, both in-store and online.
• Visa is mass enabling Visa Installment Solution (VIS) for the first time in the markets and encouraging local issuers and acquirers to be technologically enabled with the solution by March-April 2024.

As consumer interest in installment payment options continue to grow, Visa has announced its plans to introduce the Visa Installment Solution (VIS) in GCC for the first time. VIS enables clients and partners to implement installment solutions on a larger scale, providing widespread acceptance while enhancing the consumer shopping experience. This solution aims to offer eligible Visa credit cardholders flexible payment options, enabling them to effectively manage their budgets and make larger purchases more affordable.
Visa is working with local issuers and acquirers in KSA, UAE and Qatar to ensure they are technologically ready to support and offer the solution to consumers by March-April 2024. Currently live in five countries including Canada, United States, United Kingdom, Hong Kong and Malaysia, Visa is enabling VIS globally with the goal to transform the checkout experience across over 30 countries in the next five years.
VIS is a real-time API-based platform that unites key stakeholders in the payment ecosystem, including issuing banks, payment processors, merchants, and payment facilitators. This integrated system allows consumers to activate installment payments at checkout based on their eligibility, whether at Point-of-Service terminals or eCommerce platforms. With VIS, cardholders can seamlessly utilize their existing credit cards or new ones within a flexible, interoperable framework that accommodates any bank.
Dr. Saeeda Jaffar, Visa’s Senior VP and Group Country Manager for GCC, stated: “At Visa, we always look for ways to improve our customer experience, and support local businesses with innovative payment solutions for their customers. That’s why we’re excited to debut our installment solution for the first time in the GCC. Our journey has already begun with UAE’s NeoPay, Mashreq Bank’s subsidiary, and we eagerly anticipate partnering with more of our local stakeholders and partners across the region to fast-track adoption.”
She added, “VIS delivers transparency, enhances financial control, and improves budget management for Visa cardholders, all while elevating the overall shopping experience. It helps businesses boost sales and conversion rates, issuers in enhancing cardholder engagement and loyalty through new revenue streams, and acquirers with valuable new merchant services. A win-win for everyone, everywhere.”