Exclusive: Visa’s Dr Saeeda Jaffar on the new ‘Instalments’ solution transforming retail in the UAE

Image credit: Gulf Business

Visa, the global leader in digital payments, has unveiled its latest offering, a payment solution called “Instalments”, for cardholders in the UAE. This new feature allows Visa covered cardholders to split their purchases into smaller, equal payments at selected merchant checkouts, both online and in-stores.

Amidst a rising demand for buy now pay later payment options, the Visa Instalments Solution (VIS) arrives as a timely solution to meet evolving consumer preferences. According to a recent Euromonitor survey in the UAE, 48 per cent of consumers find installments helpful in managing high prices, while 37 per cent see them as useful for handling unexpected expenses.

Dr Saeeda Jaffar speaks to Gulf Business in an exclusive interview. Watch the conversation below:

Visa plans to introduce the VIS in the GCC for the first time, aiming to enhance consumer shopping experiences and provide widespread acceptance of installment solutions.

The platform, currently operational in five countries including Canada, the US, and the UK, aims to transform the checkout experience across over 30 countries in the next five years.

“The demand for instalment payment solutions has been rapidly growing in the UAE,” said Dr Saeeda Jaffar, Visa’s Senior VP and Group Country Manager for GCC. “We believe that this innovative offering will address the evolving needs of consumers while driving digital transformation in the market.”

How Visa’s VIS Works

The Visa Instalments Solution (VIS) operates as a real-time API-based platform, integrating key stakeholders in the payment ecosystem. This includes issuing banks, payment processors, merchants, and payment facilitators.

Consumers can activate installment payments at checkout based on their eligibility, whether at point-of-service terminals or eCommerce platforms.

The system offers flexibility and interoperability, allowing cardholders to use their existing credit cards or new ones within an integrated framework.

Dr Jaffar expressed excitement about the debut of the installment solution, stating, “At Visa, we always look for ways to improve our customer experience and support local businesses with innovative payment solutions for their customers. That’s why we’re excited to debut our installment solution for the first time in the GCC.”