Dubai, United Arab Emirates – November 21, 2023 – Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, in partnership with Visa (NYSE: V), the world's leader in digital payments, has introduced the new Visa Installments Solution (VIS) for its cardholders in the UAE.
Under the terms of the agreement, ADIB Visa covered cardholders will soon be able to opt for “Visa Installments." This option enables customers to divide their spending into smaller, equal payments at selected merchant checkouts, both online and in-stores, empowering customers to effectively manage their budgets and afford larger purchases effortlessly.
The partnership 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[1]. With these data-driven insights, ADIB and Visa are committed to empowering consumers with enhanced financial convenience and prudential lending as well as flexibility through the innovative installment solution. Additionally, it offers flexible payment solutions, cardholder activation and primacy and strengthens merchant relationships.
Amit Malhotra, Global Head of Retail Banking at ADIB, commenting on the partnership, stated: "Offering our customers a flexible, secure, and transparent installment solution is crucial to help them manage their finances effectively. In response to evolving customer needs, we are proud to be the first Shari'a compliant banking group in the world to introduce this new installment solution for our Visa cardholders. This collaboration combines our financial expertise with Visa's global network and technology capabilities, exemplifying our commitment to innovation and customer satisfaction. Through Visa Installments, covered cardholders can now enjoy a smooth and hassle-free payment experience while making the most of their money."
"We are excited to announce this strategic collaboration with our first issuing bank partner in the UAE, ADIB," said Salima Gutieva, VP and Country Manager for the UAE. "The demand for installment payment solutions has been rapidly growing in the UAE, especially for large ticket purchases like home appliances, electronics, jewelry, and education related expenses[2]. We believe that this innovative offering will address the evolving needs of consumers while at the same time driving digital transformation in the market."
This latest addition to ADIB's diverse covered card portfolio underscores the bank's commitment to delivering exceptional service to our customers and staying responsive to their changing banking requirements.
To learn more about Visa Installments Solution, please visit Visa Installments.