As part of the partnership, a contactless-enabled Visa payment card will be issued to NOW Money customers
Visa and NOW Money enter into partnership. (Credit: NOW Money.)
Digital account service provider NOW Money has partnered with global digital payments provider Visa to offer full-service digital banking solution for low-income customers in the UAE.
As part of the partnership, Visa will provide a contactless-enabled payment card to NOW Money customers, which can be used online or in any of Visa’s global acceptance locations.
The partnership will also offer a NOW Money account that does not require a minimum balance.
Also, NOW Money customers can also access digital financial services including low-cost money transfer solutions and mobile top-ups, through the NOW Money app.
NOW Money cofounder Katharine Budd said: “The Visa and NOW Money partnership takes our customers beyond convenient banking, into quality banking. As well as being the leading card scheme for our markets, Visa has a host of initiatives to offer account holders, including merchant offers.
“This is a monumental step forward on our mission to ensure no person is excluded from accessing the highest quality financial services.
“When a customer’s lifetime with NOW Money increases, so does their expectation of the service and it’s important we continue innovating to meet and exceed this. We’re delighted to be partnering with Visa to put an end to financial exclusion.”
NOW Money and Visa will offer 80% of the UAE population with financial services
In early 2020, NOW Money joined forces with Visa for its global Fintech Fast Track programme, aimed at advancing capabilities of fintech partners on Visa’s payments network.
The company said that the initiative enables financial services accessible to the 80% of the UAE population who are not eligible for traditional banking.
Furthermore, the partnership is expected to provide positive customer experience through convenient, non-cash-based payments, along with easy personal finance experience.
In September, Visa announced a partnership with Vipps, a Norwegian digital wallet, to speed up mobile payments across Europe.
The partnership aims to serve the surging demand for contactless or digital payments across the region.