Visa and Reem Finance Work Together on Digital Payments in the UAE

Reem Finance, a UAE-based provider of financial services, has collaborated with Visa to broaden its selection of digital payment options.

Reem Finance will launch digital wallets and Visa cards with contactless capabilities as a result of the two businesses’ recent strategic partnership agreement, the companies announced in a press release on Monday, April 29.

CEO of Reem Finance Seraj Faidi stated in the release, “We are committed to enhancing Reem Finance’s status in the finance sector by continuously delivering substantial value to shareholders while optimally satisfying customer needs.”

According to the release, individuals, small- to medium-sized businesses (SMBs), and multinational corporations will benefit from the new payment solutions made possible by this collaboration.

According to the release, Reem Finance is starting a rebranding process at this time, moving toward retail offerings that are more digitally focused and serve a wider range of consumers.

According to the press release, Salima Gutieva, vice president and country manager for Visa in the United Arab Emirates, the two companies will provide solutions that satisfy customers’ needs for easy, safe, and fulfilling payment experiences.

“We will collaborate closely with the Reem Finance team to ensure that we meet our shared objectives of delivering an optimal payment experience to consumers as well as advancing the local payments sector and FinTech ecosystem in the region,” Gutieva said. 

Few markets have embraced digital shopping features as rapidly as the UAE, according to PYMNTS Intelligence. According to the “2023 Global Digital Shopping Index: UAE Edition,” a PYMNTS Intelligence and Cybersource collaboration, 94% of the 3.1 million adult shoppers in the UAE used at least one such feature during their most recent purchase.

In March, Visa and Alaan announced a new partnership to offer digital expense management solutions to companies in Saudi Arabia and the United Arab Emirates. Through this partnership, the artificial intelligence (AI) spend management system from Alaan and the global payment processing network from VisaNet are combined.

Visa announced in September that it would be collaborating with YellowPepper and Abhi to launch account-to-account (A2A) payments in the United Arab Emirates. The goal of this collaboration was to give Abhi’s clients a quick, dependable, and affordable way to send and receive money.