Visa Partners with Pakistani Fintech ABHI for UAE Payments

Published 8 months ago

Global payment card provider Visa Inc. has teamed up with Pakistani fintech firm ABHI and YellowPepper to launch account-to-account payments in the United Arab Emirates (UAE). This collaboration aims to boost innovation, improve financial inclusion, and speed up the adoption of new payment solutions in the region.

A Leap towards Financial Inclusion

This partnership follows Visa’s study, “Money Travels: 2023 Digital Remittances Adoption,” which highlighted a growing trend towards digital payments. The study found that approximately 70 percent of consumers in the UAE are using digital apps for international fund transfers, compared to 53 percent globally.

Shahebaz Khan, Senior Vice President and Head of CEMEA at Visa, said that people are looking for quicker and more flexible access to their wages. The collaboration with ABHI and YellowPepper is set to provide a state-of-the-art payment experience, offering an instant, trustworthy, and cost-effective method for customers to transfer money.

Harnessing Visa Direct’s Technology

Omair Ansari, ABHI’s co-founder and CEO, described the partnership as a step 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,” he said.

YellowPepper’s regional head for CEMEA, Nat Scheer, echoed these sentiments, emphasizing their commitment to a secure, quick, and convenient digital experience for consumers in the UAE.

Bridging the Gap for the Underserved

The collaboration aligns with Visa and Karachi-based ABHI’s shared vision to bridge the gap between the financially underserved population and mainstream financial services. It also advances Environmental, Social, and Governance (ESG) principles.

As part of their joint commitment to innovation, ABHI plans to launch a service named “Send Now Pay Later.” This initiative will allow individuals to send money across borders using their earned wages, bolstering financial empowerment and cross-border connectivity.

In line with the rising prevalence of mobile and digital payments, Visa is dedicated to ensuring that all transactions are convenient, accessible, and secure, regardless of the device used for payment.