Dubai, United Arab Emirates – Skiply, the educational mobile payment app powered by RAKBANK, in partnership with Visa, a global leader in digital payments, has officially launched the “Visa Installments Solution (VIS)” for school payments in the UAE. The innovative payment option allows Visa credit cardholders from eligible banks to break down school fees into smaller, manageable installments, enhancing financial flexibility for families.
Visa credit cardholders can now select “Visa Installments” at checkout by entering their card number on Skiply. The system provides installment options, enabling parents to budget more effectively for tuition and other school-related expenses.
Commenting on the launch, Salima Gutieva, Visa’s Vice President and Country Manager for the UAE, said:
“We are delighted to see ‘Visa Installments Solution’ live for school payments in the UAE. Thanks to our partners Skiply and RAKBANK, Visa credit cardholders can manage their school and tuition payments more effectively. This is Visa’s latest effort to drive responsible payment innovations across key sectors, in line with the UAE government’s commitment to financial wellbeing and convenience for residents and consumers.”
Abdallah Muhana Jamil, Vice President of Skiply Program and Head of Education Payment Solutions at RAKBANK, added:
“Launching the Visa Installment Solution on Skiply represents a significant advancement in making education payments more accessible for families in the UAE. By enabling parents to spread out school fees, we’re helping to ease financial pressures and provide greater flexibility. This partnership aligns with our commitment to delivering exceptional customer experiences and practical payment solutions that meet the evolving needs of our users.”
The launch responds to a growing demand for installment payment options in the UAE. According to a recent survey by Visa, 64% of respondents expressed interest in installment solutions, with 52% indicating that such options would help them better manage their finances.
Visa Installments Solution leverages a real-time API-based platform that connects issuing banks, payment processors, merchants, and facilitators. For issuing banks, it enhances cardholder engagement and loyalty, while for acquiring banks, it provides merchants with a value-added service to boost sales and conversion rates. The survey also found that 52% of respondents would choose merchants offering installment plans over competitors who do not.
The UAE joins countries like Canada, the United States, the United Kingdom, Hong Kong, and Malaysia in offering the Visa Installments Solution. Visa has been working with local issuers and acquirers to ensure technological readiness for VIS, which is expected to be fully operational across the UAE by early 2024.
This milestone underscores Visa’s and its partners’ commitment to enhancing financial convenience and promoting responsible payment solutions that address the needs of UAE consumers.
To learn more about Visa Installments Solution, please visit Visa Installments.
[1] https://ae.visamiddleeast.com/en_AE/products/consumer-installments.html
