Commercial Bank of Dubai (CBD) has inked a new deal for credit and debit cards with Visa with the aim of further accelerating digital payments in the UAE.
Under the deal, CBD and Visa will establish a ‘Centre of Excellence’ powered by Visa Consulting and Analytics (VCA), dedicated to accelerating and simplifying customer’s payment experiences.
By leveraging core data assets and deriving insights, VCA will come up with actionable recommendations to address business challenges and offer personalised solutions to customers, the firms said in a statement.
As part of the collaboration, there will be a foucs on encouraging card usage through engaging and rewarding gamification, positioning Visa cards as the top choice in digital wallets and enhancing cross-border transactions and payment speed. CBD also plans to further expand its footprint through strategic digital merchant collaborations.
Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said, “The financial sector landscape is changing dramatically with technological disruption, emergence of new players, as well as constantly evolving customer expectations. Our collaboration with Visa will help us in developing new business models and providing more personalised customer offerings.”
Among other initiatives, the Visa Instalment Solution is being launched in the UAE to enable flexible payment options for CBD’s customers directly through Point-of-Sale (POS) machines.
Salima Gutieva, Visa’s VP and Country Manager for UAE, added: “CBD will be able to leverage Visa’s industry-leading data and analytic capabilities to further drive innovation with personalised experiences for Visa cardholders. We also look forward to bringing value to local retailers and contribute to the UAE government’s efforts to grow the digital economy.”
