Visa Introduces Visa Instalment Solution (VIS) to Empower GCC Businesses

In response to the escalating demand for instalment payment choices among consumers, Visa has unveiled its groundbreaking Visa Instalment Solution (VIS) in the GCC region for the very first time, as highlighted by The Fintech Times News. This new offering from Visa is set to revolutionize payment options for eligible Visa credit cardholders, offering them greater flexibility and the ability to effectively manage their finances while making substantial purchases more affordable.

VIS is designed to work seamlessly with local issuers and acquirers in the UAE, KSA, and Qatar, ensuring they are technologically equipped to extend this service to consumers by March or April 2024. Visa, which is currently operational in five countries including Canada, the United States, the United Kingdom, Hong Kong, and Malaysia, is on a global mission to enable VIS across more than 30 countries within the next five years, thereby transforming the checkout experience worldwide.

The VIS platform operates in real-time, offering an API-based solution that brings together critical players in the payment ecosystem, including issuing banks, payment processors, merchants, and payment facilitators. This comprehensive system empowers consumers to activate instalment payments at the point of sale or on e-commerce platforms, based on their eligibility. With VIS, cardholders can smoothly utilize their existing credit cards or obtain new ones within a flexible, interoperable framework that accommodates all banks.

Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for the GCC region, expressed Visa’s commitment to enhancing customer experiences and supporting local businesses through innovative payment solutions. Dr. Jaffar said, «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 Visa is excited to debut its instalment solution (VIS) for the first time in the GCC.»

She continued, «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.» Dr. Jaffar emphasized that VIS is a game-changer, offering transparency, improved financial control, and enhanced budget management for Visa cardholders. It also promises to elevate the overall shopping experience for consumers. Furthermore, VIS is poised to benefit businesses by boosting sales and conversion rates, enhancing cardholder engagement and loyalty for issuers through new revenue streams, and providing valuable new merchant services to acquirers. Dr. Jaffar concluded, «A win-win for everyone, everywhere.»