Reem Finance, a prominent financial services provider in the United Arab Emirates (UAE), has forged a strategic alliance with Visa to enhance its digital payment solutions. This collaboration will see Reem Finance introduce contactless-enabled Visa cards and digital wallets, catering to individuals, small- to medium-sized businesses (SMBs), and international corporations.
In a press release issued on Monday (April 29), Reem Finance CEO Seraj Faidi reiterated the company’s dedication to providing significant value to shareholders and meeting customer needs. This initiative coincides with the company’s rebranding efforts, as it shifts towards more digitally-focused retail offerings while expanding its customer base.
Salima Gutieva, Vice President and Country Manager for UAE at Visa, also emphasized the joint endeavor to deliver seamless, secure, and rewarding payment experiences for customers. Both companies are committed to advancing the local payments sector and the FinTech ecosystem in the region.
The UAE has emerged as one of the fastest adopters of digital shopping features, with 94% of adult shoppers utilizing such tools during their most recent purchase. This data is from the “2023 Global Digital Shopping Index: UAE Edition,” a collaborative study by PYMNTS Intelligence and Cybersource.
In a separate yet similar collaboration, Visa and Alaan announced in March their partnership to provide digital expense management solutions to businesses in the UAE and Saudi Arabia. This alliance brings together the VisaNet global payment processing network with Alaan’s artificial intelligence (AI) spend management system.
Visa has been actively pursuing partnerships to drive innovation in the payment landscape in the UAE. In September of last year, the company partnered with Abhi and YellowPepper to introduce account-to-account (A2A) payments in the UAE, offering an immediate, reliable, and cost-effective means for Abhi’s customers to send and receive money.
The partnership between Reem Finance and Visa represents a significant stride in transforming digital payments in the UAE. The collaboration aims to provide a wide range of innovative and secure payment solutions that cater to the evolving needs of individuals and businesses in the region. With the UAE’s rapidly growing digital shopping landscape, the introduction of contactless-enabled Visa cards and digital wallets is poised to address the increasing demand for seamless and secure payment experiences.
This partnership serves as a testament to both companies’ commitment to delivering advanced and convenient financial solutions to their customers, solidifying their positions as leaders in the finance and payments industry. As the UAE continues to embrace digital innovation, the collaboration between Reem Finance and Visa lays the groundwork for a new era of digital payments in the region.