Network International, the digital commerce enabler across the Middle East and Africa (MEA) region, has joined forces with Visa, the digital payments leader, to introduce Visa Installments Solution (VIS) for its merchants and issuer clients across the UAE.
Under this agreement, Visa credit cardholders will be able to opt for ‘Visa Installments‘ – enabling them to divide their spending into smaller, equal payments at UAE merchant partners of Network International both, online and in-store.
Network International currently boasts over 160,000 Point-of-Sale (POS) terminals across thousands of merchants spanning several sectors including high-end retail, hospitality, electronics, jewellery and hypermarkets, that stand to benefit from this new instalment solution.
The digital commerce enabler hopes to ensure a greater number of payment options on cards, as well as a more seamless payment experience for consumers via the collaboration with Visa. It will also increase merchants’ sales volumes and conversion rates.
This strategic partnership comes at a time when consumers are increasingly seeking out instalment payment options that align with their financial needs and preferences. A recent survey by Euromonitor in the UAE revealed that 48 per cent of consumers find instalments make high prices more manageable and less intimidating, while 37 per cent believe they help in handling unexpected expenses.
‘Simplify and enhance the payment experience for consumers’
Nandan Mer, chief executive officer at Network International, explained the significance of the partnership: “In response to evolving customer needs, we are proud to introduce this new Visa instalments solution across merchants and issuers in the UAE.
“Given our role in the ecosystem, Network International is strongly positioned to bring together the local payments ecosystem – especially banks and merchants – to significantly simplify and enhance the payment experience for consumers.”
Dr Saeeda Jaffar, SVP and group country manager for GCC at Visa, also explained how the instalments solution could benefit the UAE: “We are excited to announce this strategic collaboration with Network International.
“The demand for instalment payment solutions has been rapidly growing in the GCC, especially for large ticket purchases such as home appliances, electronics, jewellery and flight bookings. We believe that this innovative offering will address the evolving needs of consumers while at the same time driving digital transformation in the market.”
Visa Installments is currently live in five countries including Canada, the United States, the United Kingdom, Hong Kong and Malaysia.
Currently live in five countries including Canada, the United States, the United Kingdom, Hong Kong and Malaysia, Visa is enabling financial institutions across the globe to transform their checkout experiences in the next five years.