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Doha, Qatar, 26th February 2024: Commercial Bank, a leader in innovative digital banking solutions in Qatar, in collaboration with Visa, world leader in digital payments, is introducing Visa Installment Solution (VIS) for its merchant partners in the region.
Through this partnership, Commercial Bank becomes the first acquiring bank in the region to offer the installment solution to merchants. VIS is an API-based ecosystem solution that offers an open loop installment solution during purchase, whether at Point-of-Service terminals or online, so Credit Cardholders can effortlessly divide their expenses into more manageable payments over a period of up to 48 months.
For businesses, VIS helps in driving sales and allows them to target customers with pre-approved credit with customized promotions on a local and global scale. Merchants can enable the solution simply by integrating with APIs - there is no need for manual file exchange between different merchants and issuers, and the list of customers availed Installments will be available to issuers through APIs.
Aligned with Qatar's National Vision 2030, which seeks to develop a competitive and diversified economy, Commercial Bank places digital transformation at the heart of its five-year strategic plan, integrating advanced solutions like VIS, that ensure a superior banking experience for customers and merchants.
Shahnawaz Rasheed, EGM and Head of Retail Banking of Commercial Bank, commented: “This collaboration between Commercial Bank and digital payments leader VISA is a testament to our commitment to bring the best service offerings to our valuable merchant partners. We are thrilled to introduce VISA Installment Solutions, offering our merchants and customers greater flexibility and convenience in managing payments. This innovative offering underscores our commitment to enhance the financial experience for all stakeholders and empower businesses to thrive in today's dynamic market landscape."
Dr. Sudheer Nair, AGM and Head of Cards and Payments of Commercial Bank, commented: “The launch of this first in market installment solution marks a significant milestone in our journey to provide seamless customer experience within the payments industry. With this new offering, we are not only meeting the evolving needs of our customers but also driving growth opportunities for merchants by facilitating attractive and affordable payment options. We look forward to delivering unparalleled value and convenience through this first in Qatar solution."
Shashank Singh, Visa's VP and General Manager for Qatar and Kuwait, commented: “We are excited to collaborate with Commercial Bank to introduce Visa Installment Solutions soon to their merchant partners in the region. Installment plans make purchasing more affordable for consumers thus enabling merchants to remain competitive and grow their business. This partnership with CB further supports Visa's purpose of developing a robust digital payments infrastructure to enable frictionless and secure payments for our cardholders in Qatar and the wider region."
Currently live in six countries including the United Arab Emirates, Canada, the United States, the United Kingdom, Hong Kong, and Malaysia, Visa is enabling VIS globally with the goal to transform the checkout experience across over 30 countries in the next five years.