Revolutionizing Digital Payments: Visa Introduces Installment Solution in GCC

Visa, a global leader in financial services, is set to introduce the Visa Instalment Solution (VIS) in the GCC region for the first time. VIS aims to offer eligible Visa credit cardholders flexible payment options, effectively managing budgets, and making larger purchases more affordable. This innovative solution is set to transform the payment landscape, benefiting consumers, businesses, issuers, and acquirers alike.

The purpose of VIS

The key objective of the Visa Instalment Solution (VIS) is to provide Visa credit cardholders with the flexibility they need to manage their finances effectively. With this solution, individuals can make larger purchases without straining their budgets by spreading payments over time. VIS is designed to enhance their overall shopping experience.

Visa’s collaboration with local issuers and acquirers

In preparation for the launch of VIS, Visa is collaborating closely with local issuers and acquirers in the United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA), and Qatar. This collaboration will ensure that these stakeholders are technologically ready to support and offer the solution to consumers by March or April 2024. By partnering with local financial institutions, Visa aims to seamlessly integrate VIS into the existing payment infrastructure across the region.

Global implementation of VIS

With a commitment to transforming the checkout experience worldwide, Visa aims to enable Visa Integrated Solutions (VIS) across more than 30 countries in the next five years. By implementing VIS globally, Visa envisions a revolutionary change in the way consumers approach payments, making it more convenient and accessible to all.

Overview of VIS as an API-based platform

The Visa Installment Solution operates on a real-time API-based platform. This advanced technology unites key stakeholders in the payment ecosystem, creating a seamless experience for consumers, businesses, issuers, and acquirers. Through this integrated system, consumers can activate installment payments at the checkout, either at point-of-service terminals or e-commerce platforms.

Activation of Installment Payments

One of the significant advantages of the Visa Instalment Solution is its capability to activate installment payments at the moment of purchase. Cardholders can choose to divide their payments into installments based on their eligibility. This flexibility empowers consumers to manage their finances efficiently, enabling them to make purchases that may have otherwise been financially burdensome.

Utilizing existing credit cards or new ones

Another noteworthy feature of VIS is its ability to seamlessly integrate with existing credit cards or new ones within Visa’s framework. This interoperable platform accommodates cards from any bank, making it the ideal solution for a wide range of consumers. Users can leverage their trusted credit cards, eliminating the need to acquire separate payment instruments solely for installment options.

Benefits for Visa cardholders

The Visa Installment Solution delivers various benefits to Visa cardholders. Firstly, it offers transparency, providing cardholders with a clear overview of their installment payments. This transparency enhances financial control, enabling individuals to budget effectively and avoid any unexpected financial burdens. Secondly, VIS improves the overall shopping experience, giving consumers access to larger purchases and the ability to manage payments conveniently.

Benefits for businesses, issuers, and acquirers

The introduction of the Visa Instalment Solution brings numerous advantages to businesses, issuers, and acquirers. First and foremost, businesses can boost their sales and conversion rates by offering flexible payment options to their customers. This increased purchasing power translates into higher revenues and customer satisfaction. Additionally, issuers benefit from enhanced cardholder engagement and loyalty through new revenue streams enabled by VIS. Acquirers, on the other hand, gain access to valuable new merchant services, driving growth for their businesses.

The introduction of the Visa Installment Solution (VIS) in the GCC region marks a significant milestone in the evolution of payment options. By offering flexible payment options to eligible Visa credit cardholders, VIS empowers consumers to make larger purchases while effectively managing their budgets. This innovative solution benefits not only consumers but also businesses, issuers, and acquirers, creating a win-win situation for everyone involved. As Visa works towards implementing VIS globally, the payment landscape is set to experience a transformation, making shopping more accessible and convenient for consumers worldwide.

Explore more

Can Stablecoins Balance Privacy and Crime Prevention?

The emergence of stablecoins in the cryptocurrency landscape has introduced a crucial dilemma between safeguarding user privacy and mitigating financial crime. Recent incidents involving Tether’s ability to freeze funds linked to illicit activities underscore the tension between these objectives. Amid these complexities, stablecoins continue to attract attention as both reliable transactional instruments and potential tools for crime prevention, prompting a

AI-Driven Payment Routing – Review

In a world where every business transaction relies heavily on speed and accuracy, AI-driven payment routing emerges as a groundbreaking solution. Designed to amplify global payment authorization rates, this technology optimizes transaction conversions and minimizes costs, catalyzing new dynamics in digital finance. By harnessing the prowess of artificial intelligence, the model leverages advanced analytics to choose the best acquirer paths,

How Are AI Agents Revolutionizing SME Finance Solutions?

Can AI agents reshape the financial landscape for small and medium-sized enterprises (SMEs) in such a short time that it seems almost overnight? Recent advancements suggest this is not just a possibility but a burgeoning reality. According to the latest reports, AI adoption in financial services has increased by 60% in recent years, highlighting a rapid transformation. Imagine an SME

Trend Analysis: Artificial Emotional Intelligence in CX

In the rapidly evolving landscape of customer engagement, one of the most groundbreaking innovations is artificial emotional intelligence (AEI), a subset of artificial intelligence (AI) designed to perceive and engage with human emotions. As businesses strive to deliver highly personalized and emotionally resonant experiences, the adoption of AEI transforms the customer service landscape, offering new opportunities for connection and differentiation.

Will Telemetry Data Boost Windows 11 Performance?

The Telemetry Question: Could It Be the Answer to PC Performance Woes? If your Windows 11 has left you questioning its performance, you’re not alone. Many users are somewhat disappointed by computers not performing as expected, leading to frustrations that linger even after upgrading from Windows 10. One proposed solution is Microsoft’s initiative to leverage telemetry data, an approach that