NOW Money collaborates with Visa for UAE expansion

Visa has partnered with NOW Money, the UAE-based digital account service, expanding access to full-service digital banking for low-income customers in the Gulf region.

As part of the expansion, customers will receive a Visa payment card, which can be used online or in any of Visa’s 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.

NOW Money’s co-founder, Katharine Budd, emphasised: “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.

“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.”

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. 

Ian Dillon, co-founder of NOW Money, added: “Financial inclusion is only possible if traditional players and innovative start-ups work together. This is a vital partnership with a global payments player that supports our mission, particularly as millions of low-income people continue to face challenges of working and living in a digital society.”

Shahebaz Khan, Visa General Manager for UAE also stated: “This partnership with NOW Money is consistent with Visa’s global strategy to collaborate with emerging fintech companies and innovative platform partners to drive financial inclusion and accelerate the growth of the digital economy. 

“We have seen the impact the global pandemic has had in accelerating the demand for cashless solutions across all consumer segments – and especially in the eCommerce and tap to pay space. NOW Money was part of our Fintech Fast Track program and it’s really encouraging to see how this program enables partnerships like this that truly help bridge the gap that still exists in sectors of our society, and ensures secure and convenient digital payment options are available to everyone, everywhere.”