Visa Inc announced that it will introduce Account-to-Account (A2A) payments in the UAE through a partnership agreement with fintech firms ABHI and YellowPepper.
In a statement, Visa said the collaboration aims to revolutionize the financial landscape by driving innovation, promoting financial inclusion, and accelerating the adoption of new payment solutions in the Central Europe, Middle East, and Africa (CEMEA) sub-regions.
The partnershp marks the very first deal between ABHI, Visa, and YellowPepper in the CEMEA region and will enable 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.
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.
Omair Ansari, Co-Founder and CEO of ABHI, said:
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.
Shahebaz Khan, SVP and Head of Commercial and Money Movement Solutions CEMEA, said people increasingly want faster and more flexible access to their wages.
According to a 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.
Khan said 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.