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Under the agreement, NOW Money will provide customers with contactless-enabled Visa payment cards that can be used both online and at payment terminals around the world. The cards will be linked to a NOW Money account, which does not require a minimum balance. Through the NOW Money app, customers will have access to banking services such as low cost money transfers.
Currently, around 80% of the UAE population is ineligible for traditional banking services due to low income. As a result, they are forced to rely on prepaid cards for payment, which can only be used to withdraw cash from ATMs, making it difficult to transfer money to other countries. The new Visa payment cards will help facilitate cross-border payments, especially remittances sent by foreign workers to their families abroad.
Global cross-border payments are projected to reach $ 39 trillion by 2022, including $ 572 million in remittance payments, creating demand for a new generation of platforms to serve customers such as those in the UAE.
The NOW Money partnership also aims to provide “a frictionless personal finance experience through Visa offers and products.”
As millions of people around the world embrace digital banking amid the ongoing global pandemic, industry experts have stressed that financial institutions need to make the online experience as easy as possible to build customer trust and loyalty.
“This partnership with NOW Money is consistent with Visa’s global strategy to partner with emerging FinTech companies and innovative platform partners to drive financial inclusion and accelerate the growth of the digital economy. We have seen the impact the global pandemic has had in accelerating the demand for cashless solutions across all consumer segments, and particularly in the e-commerce and tap-to-pay space, “said Shahebaz Khan. general manager of Visa for the United Arab Emirates.
“NOW Money was part of our Fintech Fast Track program, and it is really encouraging to see how this program enables partnerships like this one that really help bridge the gap that still exists in the sectors of our company and ensure [that] Secure and affordable digital payment options are available to everyone, everywhere, ”added Khan.
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