As consumer interest in instalment payment options continues to grow, Visa has announced its plans to introduce the Visa Instalment Solution (VIS) in GCC for the first time.
VIS enables clients and partners to implement instalment solutions on a larger scale, providing widespread acceptance while enhancing the consumer shopping experience. Visa explained that the 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 UAE, KSA and Qatar to ensure they are technologically ready to support and offer the solution to consumers by March or April 2024. Currently living in five countries including Canada, the United States, the United Kingdom, Hong Kong and Malaysia, Visa is enabling VIS globally with the goal of transforming 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 enables consumers to activate instalment payments at checkout based on their eligibility, whether at Point-of-Service terminals or e-commerce platforms. With VIS, cardholders can seamlessly utilise their existing credit cards or new ones within a flexible, interoperable framework that accommodates any bank.
VIS delivering transparency
Dr Saeeda Jaffar, senior VP and group country manager for GCC at Visa, 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 Visa is excited to debut its instalment solution (VIS) 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.
“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.”