Network International, a digital commerce across the Middle East and Africa (MEA) region, in collaboration with Visa has introduced Visa Installments Solution (VIS) for its merchants and issuer clients in the UAE.
Under this agreement, Visa credit cardholders will be able to opt for “Visa Installments,” allowing them to divide their spending into smaller, equal payments at Network’s merchant partners both, online and in-store.
Network International has over 160,000 Point-of-Sale (POS) terminals across thousands of merchants spanning several sectors including high-end retail, hospitality, electronics, jewelry and hypermarkets among others, that stand to benefit from this new installment solution.
This collaboration ensures more payment options on cards and a rewarding, more seamless payment experience, in-store and online, for consumers as well as increases merchants’ sales volumes and conversion rates. In addition, this collaboration will facilitate seamless cross-border enablement across Network’s issuer clients in the Middle East and Africa region who will be able to increase cardholder engagement and loyalty.
This comes at a time when consumers are increasingly seeking out installment payment options that align with their financial needs and preferences. A recent survey by Euromonitor in the UAE revealed that 48% of consumers find installments make high prices more manageable and less intimidating, while 37% believe these installment offers help in handling unexpected expenses.
Nandan Mer, Chief Executive Officer at Network International, said:
“In response to evolving customer needs, we are proud to introduce this new installment 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.”
“We are excited to announce this strategic collaboration with Network International,”
said Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC.
“The demand for installment payment solutions has been rapidly growing in the GCC, especially for large ticket purchases such as home appliances, electronics, jewelry and flight bookings. We believe that this innovative offering will address the evolving needs of consumers while at the same time drive digital transformation in the market.”
Currently live in five countries including Canada, the United States, the 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.