Visa Inc. (NYSE:V) today announced a partnership agreement with ABHI, a leading fintech company, and YellowPepper to introduce Account-to-Account (A2A) payments in the UAE. This collaboration aims to revolutionize the financial landscape by driving innovation, promoting financial inclusion, and accelerating the adoption of new payment solutions in the CEMEA region.
Shahebaz Khan, SVP and Head of Commercial and Money Movement Solutions CEMEA, Visa, said: “People increasingly want faster and more flexible access to their wages. According to our recent “Money Travels: 2023 Digital Remittances Adoption” in UAE study, around 70% of surveyed consumers in UAE are turning to digital apps to send and receive funds internationally, in comparison to 53% of consumers globally. Visa’s partnership with ABHI will leverage Visa Direct’s capabilities in offering a cutting-edge payment experience, by facilitating an immediate, reliable and cost-effective way for ABHI’s customers to send and receive money. A2A transfers use card credentials, all backed by Visa’s multi-layered security and robust risk controls. Customers can transfer money between their own accounts, send remittances, fund savings and top up their digital wallets using the cards they already have.”
“As we embark on this journey with Visa, we at ABHI are not just making a technological leap, but a leap towards greater financial inclusion and a sustainable digital economy. 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 towards financial empowerment for all.” said Omair Ansari, Co-Founder and CEO of ABHI.
“We are delighted our strategic collaboration with ABHI and Visa, aimed at expediting the implementation of digital payments solutions in the region,” said Nat Scheer, Regional Head AP & CEMEA at YellowPepper “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.’
This historic milestone marks the very first partnership between ABHI, Visa and YellowPepper in the CEMEA region, by enabling Visa’s first Earned Wage Access (EWA) program in GCC markets. ABHI is introducing the EWA product in UAE through payouts to existing eligible Visa cards as well as payouts to co-branded Visa cards, which will be issued specifically for ABHI customers in the Wage Protection System (WPS) segment.
By leveraging Visa Direct’s technology, ABHI will enable individuals and businesses in the UAE to experience seamless, real-time, and secure payments. This innovative solution will empower consumers to transfer funds directly between bank accounts, eliminating the need for intermediaries and streamlining financial transactions. With ABHI and Visa’s collaborative efforts, UAE is poised to lead in the rapidly evolving digital payments space.
By leveraging Visa Direct’s technology, ABHI will enable individuals and businesses in the UAE to experience seamless, real-time, and secure payments. This innovative solution will empower consumers to transfer funds directly between bank accounts, eliminating the need for intermediaries and streamlining financial transactions. With ABHI and Visa’s collaborative efforts, UAE is poised to lead in the rapidly evolving digital payments space.
المصدر: https://fintechgate.net/2023/09/27/visa-and-yellowpepper-and-abhi-partner-to-provide-a2a-payments-in-the-uae/