https://arab.news/yy29p
- The collaboration is expected to promote financial inclusion and accelerate adoption of new payment solutions
- Study shows nearly 70 percent consumers in the Gulf state are turning to digital apps for international fund transfers
KARACHI: The world’s leading multinational payment card services provider, Visa Inc., on Wednesday announced its partnership with a Pakistani fintech, ABHI, along with YellowPepper to introduce account-to-account payments in the United Arab Emirates.
According to a handout circulated by Visa, the collaboration aims to revolutionize the financial landscape by driving innovation, promoting financial inclusion, and accelerating the adoption of new payment solutions in the Commercial and Money Movement Solutions (CEMEA) region.
“People increasingly want faster and more flexible access to their wages,” Shahebaz Khan, the company’s senior vice president and head of CEMEA, said in a statement.
Visa mentioned its own UAE study, “Money Travels: 2023 Digital Remittances Adoption,” which revealed that about 70 percent of surveyed consumers in the Gulf country were turning to digital apps to send and receive funds internationally, as comparison to 53 percent of consumers globally.
It said that the partnership with the two companies would help provide a cutting-edge payment experience, by facilitating an immediate, reliable and cost-effective way for customers to send and receive money.
“As we embark on this journey with Visa, we at ABHI are not just making a technological leap, but a leap toward greater financial inclusion and a sustainable digital economy,” Omair Ansari, ABHI’s co-founder and CEO, said. “By harnessing Visa Direct’s technology, we are democratizing financial services, making transactions seamless, real-time, and secure for everyone in the UAE. This is not just an upgrade in the digital payments’ ecosystem, it’s a step toward financial empowerment for all.”
YellowPepper also maintained the collaboration aimed at expediting the implementation of digital payments solutions in the region.
“Through this partnership, we are dedicated to providing a seamless and robust digital experience that prioritizes security, speed and above all, convenience, to consumers in the UAE,” Nat Scheer, the regional head for CEMEA at YellowPepper, said.
The statement issued by Visa Inc. maintained that Karachi-based ABHI was united with it by its vision to bridge the gap between the financially underserved population and mainstream financial services while advancing Environmental, Social, and Governance (ESG) principles.
As ABHI and Visa forge ahead with their collaborative efforts and commitment to innovation, the Pakistani fintech is set to unveil an upcoming initiative called “Send Now Pay Later.” The service will empower individuals to seamlessly send money across borders using their earned wages, creating new possibilities for financial empowerment and cross-border connectivity.
With the increasing prevalence of mobile and digital payments in the UAE, Visa also said it was committed to ensuring that all transactions were convenient, accessible, and secure, regardless of the device used for payment.