In a move to redefine the payment landscape in Qatar, Commercial Bank has partnered with Visa, the world leader in digital payments, to introduce the Visa Installment Solution (VIS) for its merchant partners in the region. This strategic collaboration marks Commercial Bank as the first acquiring bank in the region to offer this innovative installment solution to merchants, setting a new standard in digital banking solutions.
VIS is an API-based ecosystem solution that revolutionizes the shopping experience by offering an open-loop installment solution during purchases, whether at Point-of-Service terminals or online. This solution allows credit cardholders to seamlessly divide their expenses into more manageable payments over a period of up to 48 months, providing them with greater flexibility and convenience.
For businesses, VIS opens up new avenues for driving sales and targeting customers with pre-approved credit through customized promotions on both local and global scales. Merchants can easily enable the solution by integrating with APIs, eliminating the need for manual file exchange between different merchants and issuers. Additionally, the list of customers availed of Installments will be readily available to issuers through APIs, streamlining the process for all stakeholders.
Aligned with Qatar’s National Vision 2030, which aims to develop a competitive and diversified economy, Commercial Bank has placed digital transformation at the core of its five-year strategic plan. By integrating advanced solutions like VIS, Commercial Bank is committed to ensuring a superior banking experience for customers and merchants alike.
Shahnawaz Rasheed, Executive General Manager and Head of Retail Banking at Commercial Bank, expressed his enthusiasm for the collaboration, stating, “This collaboration between Commercial Bank and digital payments leader Visa is a testament to our commitment to bring the best service offerings to our valuable merchant partners. We are thrilled to introduce Visa Installment Solutions, offering our merchants and customers greater flexibility and convenience in managing payments. This innovative offering underscores our commitment to enhance the financial experience for all stakeholders and empower businesses to thrive in today’s dynamic market landscape.”
Dr. Sudheer Nair, Assistant General Manager and Head of Cards and Payments at Commercial Bank, highlighted the significance of this milestone, stating, “The launch of this first-in-market installment solution marks a significant milestone in our journey to provide a seamless customer experience within the payments industry. With this new offering, we are not only meeting the evolving needs of our customers but also driving growth opportunities for merchants by facilitating attractive and affordable payment options. We look forward to delivering unparalleled value and convenience through this first-in-Qatar solution.”
Shashank Singh, Visa’s Vice President and General Manager for Qatar and Kuwait, echoed this sentiment, stating, “We are excited to collaborate with Commercial Bank to introduce Visa Installment Solutions soon to their merchant partners in the region. Installment plans make purchasing more affordable for consumers, thus enabling merchants to remain competitive and grow their business. This partnership with CB further supports Visa’s purpose of developing a robust digital payments infrastructure to enable frictionless and secure payments for our cardholders in Qatar and the wider region.”
Currently live in six countries, including the United Arab Emirates, Canada, the United States, the United Kingdom, Hong Kong, and Malaysia, Visa is enabling VIS globally with the goal to transform the checkout experience across more than 30 countries in the next five years. This expansion underscores Visa’s commitment to providing innovative payment solutions that meet the evolving needs of consumers and merchants worldwide.
Commercial Bank’s partnership with Visa to introduce the Visa Installment Solution represents a significant leap forward in the digital payments landscape in Qatar, offering customers and merchants unparalleled convenience, flexibility, and affordability. As both entities continue to innovate and collaborate, the future of payments in Qatar looks brighter than ever.
(Source: The Peninsula Qatar | Gulf Times)
