Visa, the world’s leader in digital payments, has partnered with NOW Money, the UAE-based digital account service, to grant low-income customers in the Gulf region access to a full service digital banking solution.
Customers will receive a Visa payment card, which can be used online or in any of Visa’s 61 million global acceptance locations, and a NOW Money account, which requires no minimum balance. The agreement will ensure every person – irrespective of their economic background – has access to the highest quality financial services.
Earlier this year, NOW Money joined Visa’s global Fintech Fast Track program which speeds up the ability for fintech partners to build and deliver new commerce experiences on Visa’s payments network.
Existing NOW Money customers will be issued with contactless-enabled Visa payment cards that can be used at contactless payment terminals across 200 countries and territories worldwide. NOW Money customers will also have access to digital financial services in the NOW Money app, such as low-cost money transfer solutions and mobile top-ups.
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According to NOW Money’s cofounder, Katharine Budd, this is a significant step towards making financial services accessible to the 80% of the UAE population who are ineligible for traditional banking* and demonstrates how the Gulf’s digital economy has moved into an advanced phase.
“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,” said Budd.
Budd continues, “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.”
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