Al Ansari Exchange Becomes the First Exchange Company in UAE to Secure Issuance License from Visa

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Demand for digital payments expected to spike in 2021 amid rising online purchases

Mohammad Bitar, Deputy Chief Executive Officer, Al Ansari Exchange

Dubai: Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, revealed that it has obtained an issuance license from Visa, the world’s leader in digital payments, making it the first exchange company in the United Arab Emirates to secure such a status. The announcement marked another milestone in Al Ansari Exchange’s efforts to enhance its customer’s experience and implement the best industry practices in financial services and digital payment solutions to further reinforce the company’s market leadership.

Mohammad Bitar, Deputy Chief Executive Officer, Al Ansari Exchange, said: “The latest development reflects the confidence and trust of leading financial institutions, such as Visa, in us. As a direct Visa card issuer in the United Arab Emirates, Al Ansari Exchange can now offer new, secure and seamless payment solutions to consumers and Fintechs in the UAE and beyond.

This is especially important in light of the ever-changing behavior of modern customers, who have rapidly turned to digital channels for safe and contactless transactions due to the global developments brought about by COVID-19. We also expect the demand for Visa cards to grow as travel restrictions ease and the trend for online purchases continues to spike.”

Shahebaz Khan, Visa’s General Manager for UAE, said: “We are delighted to count Al Ansari Exchange among our issuing partners in the UAE who share our commitment to displacing cash and driving financial inclusion with the latest in digital payments. We will work closely with Al Ansari Exchange in enabling their digital expansion and diversifying their product offering to introduce Visa’s world-class payment technology, which will bring the benefits of security, convenience and global acceptance to the growing number of UAE consumers who prefer cashless payment solutions.”

Al Ansari Exchange leverages highly secure and reliable smart and digital platforms to provide flexible and fast money transfer solutions. The company currently offers its customers the Al Ansari Exchange Visa Platinum TravelCard, a multi-currency and pre-paid travel money card.  To date, Al Ansari Exchange has issued more than 100,000 TravelCards with total card loads crossing the AED 1 billion mark.  The reloadable TravelCard can hold 17 foreign currencies, with plans to add more currencies soon, on one card. It can be used to pay for goods and services offered by tens of millions of global merchants or withdraw money from more than 2.1 million ATMs worldwide, wherever Visa is accepted.