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Reem Finance and Visa Partner on Digital Payments in UAE

Visa, UAE

Reem Finance, a financial services provider in the United Arab Emirates (UAE), has partnered with Visa to expand its offering of digital payment solutions.

With the new strategic partnership agreement signed by the two companies, Reem Finance will introduce contactless-enabled Visa cards and digital wallets, the companies said in a Monday (April 29) press 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,” Reem Finance CEO Seraj Faidi said in the release.

The new payment solutions enabled by this collaboration will serve individuals, small- to medium-sized businesses (SMBs) and international corporations, according to the release.

These new solutions come at a time when Reem Finance is beginning a rebranding process, shifting to more digital-focused retail offerings and catering to a broad base of customers, the release said.

Salima Gutieva, vice president and country manager for UAE at Visa, said in the release that the two companies will deliver solutions that will meet customers’ demands for payment experiences that are seamless, secure and rewarding. 

“We will collaborate closely with 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. 

PYMNTS Intelligence has found that few markets have adopted digital shopping features as quickly as the UAE. Ninety-four percent of the UAE’s 3.1 million adult shoppers used at least one such feature during their most recent purchase, according to the “2023 Global Digital Shopping Index: UAE Edition,” a PYMNTS Intelligence and Cybersource collaboration.

In another recently announced collaboration, Visa and Alaan said in March that they have teamed up to provide digital expense management solutions to businesses in the UAE and Saudi Arabia. This alliance brings together the VisaNet global payment processing network and Alaan’s artificial intelligence (AI) spend management system.

In September, Visa announced a partnership with Abhi and YellowPepper to introduce account-to-account (A2A) payments in the UAE. This partnership aimed to provide an immediate, reliable and cost-effective way for Abhi’s customers to send and receive money.