Visa Inc. (NYSE:V) today announced a partnership agreement with ABHI, a leading fintech company, and YellowPepper to introduce Account-to-Account (A2A) payments in the UAE. This collaboration aims to revolutionize the financial landscape by driving innovation, promoting financial inclusion, and accelerating the adoption of new payment solutions in the CEMEA region.
Shahebaz Khan, SVP and Head of Commercial and Money Movement Solutions CEMEA, Visa, said: “People increasingly want faster and more flexible access to their wages. According to our recent “Money Travels: 2023 Digital Remittances Adoption” in UAE study, around 70% of surveyed consumers in UAE are turning to digital apps to send and receive funds internationally, in comparison to 53% of consumers globally. Visa’s partnership with ABHI will leverage Visa Direct’s capabilities in offering a cutting-edge payment experience, by facilitating an immediate, reliable and cost-effective way for ABHI’s customers to send and receive money. A2A transfers use card credentials, all backed by Visa’s multi-layered security and robust risk controls. Customers can transfer money between their own accounts, send remittances, fund savings and top up their digital wallets using the cards they already have.”
“As we embark on this journey with Visa, we at ABHI are not just making a technological leap, but a leap towards greater financial inclusion and a sustainable digital economy. By harnessing Visa Direct’s technology, we are democratizing financial services, making transactions seamless, real-time, and secure for everyone in the UAE. This is not just an upgrade in the digital payments ecosystem, it’s a step towards financial empowerment for all.” said Omair Ansari, Co-Founder and CEO of ABHI.
“We are delighted our strategic collaboration with ABHI and Visa, aimed at expediting the implementation of digital payments solutions in the region,” said Nat Scheer, Regional Head AP & CEMEA at YellowPepper “Through this partnership, we are dedicated to providing a seamless and robust digital experience that prioritizes security, speed and above all, convenience, to consumers in the UAE.’
This historic milestone marks the very first partnership between ABHI, Visa and YellowPepper in the CEMEA region, by enabling Visa’s first Earned Wage Access (EWA) program in GCC markets. ABHI is introducing the EWA product in UAE through payouts to existing eligible Visa cards as well as payouts to co-branded Visa cards, which will be issued specifically for ABHI customers in the Wage Protection System (WPS) segment.
By leveraging Visa Direct’s technology, ABHI will enable individuals and businesses in the UAE to experience seamless, real-time, and secure payments. This innovative solution will empower consumers to transfer funds directly between bank accounts, eliminating the need for intermediaries and streamlining financial transactions. With ABHI and Visa’s collaborative efforts, UAE is poised to lead in the rapidly evolving digital payments space.
YellowPepper, a Visa Solution, helps institutions around the world connect to international and domestic real-time payment solutions through its Yepex platform, which enables multiple use cases* and services such as P2P, Cross-Border and Alias Directory, among others. It will also support domestic payouts in the UAE by enabling Visa Direct. With this integration, YellowPepper’s technology will allow ABHI customers to move money to Visa cards.
At the core of this ground-breaking partnership is a shared commitment of financial inclusion. ABHI and Visa are united by a vision to bridge the gap between the financially underserved population and mainstream financial services while advancing Environmental, Social, and Governance (ESG) principles.
As ABHI and Visa forge ahead with their collaborative efforts and commitment to innovation, ABHI is set to unveil an upcoming initiative called “Send Now Pay Later”. This innovative service will empower individuals to seamlessly send money across borders using their earned wages, creating new possibilities for financial empowerment and cross-border connectivity.
With the increasing prevalence of mobile and digital payments in the UAE, Visa is committed to ensuring that all transactions are convenient, accessible, and secure, regardless of the device used for payment. This includes wearables, smartphones, appliances, or any internet-connected device.
*Use cases are for illustrative purposes only. Program providers are responsible for their programs and compliance with any applicable laws and regulations.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visacemea
ABHI is a fintech company at the forefront of the embedded finance revolution providing a comprehensive suite of solutions including Earned Wage Access, Payroll Processing, Payroll Financing, and SME Lending. The fintech company has established partnerships with over 450 companies driving economic growth and creating lasting social impact. It has gained recognition from Hub71 and Endeavor and recently raised its first Sukuk Bond making fintech history in the MENAP region.
Founded in 2004, YellowPepper is a pioneer in innovative digital financial solutions. With a simple integration, its platform, known as YEPEX™, offers real-time payment ecosystems, through APIs that allow the registration of payment credentials and users, management of user information and movement of funds, among other functionalities. Operating over 11 countries, the Miami-based company serves around 50 customers worldwide. For more information, visit http://www.yellowpepper.com