Visa has announced a partnership with ABHI and YellowPepper to introduce account-to-account (A2A) payments in the United Arab Emirates (UAE).
This collaboration will drive innovation, promote financial inclusion and accelerate the adoption of new payment solutions in the Central and Eastern Europe, Middle East and Africa (CEMEA) region, the companies said in a Wednesday (Sept. 27) press release.
The partnership will leverage Visa Direct’s capabilities to offer a cutting-edge payment experience, providing an immediate, reliable and cost-effective way for ABHI’s customers to send and receive money, according to the release. A2A transfers use card credentials, backed by Visa’s multi-layered security and risk controls. Customers will be able to transfer money between their own accounts, send remittances, fund savings and top up their digital wallets using the cards they already have.
Omair Ansari, co-founder and CEO of ABHI, said in the release that the collaboration marks a leap toward greater financial inclusion and a sustainable digital economy. By harnessing Visa Direct’s technology, ABHI aims to democratize financial services, making transactions seamless, real-time and secure for everyone in the UAE.
YellowPepper, a Visa Solution, is also part of this strategic collaboration, according to the press release. Through its Yepex platform, YellowPepper enables institutions to connect to international and domestic real-time payment solutions, supporting various use cases such as peer-to-peer (P2P), cross-border and Alias Directory.
This partnership between ABHI, Visa, and YellowPepper also marks a milestone in the CEMEA region, enabling Visa’s first earned wage access (EWA) program in the Gulf Cooperation Council (GCC) markets, the release said. ABHI will introduce the EWA product in the UAE, offering payouts to existing eligible Visa cards as well as co-branded Visa cards specifically issued for ABHI customers in the Wage Protection System (WPS) segment.
ABHI, a Pakistan-based lending startup, was founded to offer an alternative to people asking their family, friends or employer for money to tide them over until their next payday, Ansari said in April 2022 when announcing the firm had raised $17 million in a Series A funding round.
The company also provides financing for small and medium-sized businesses (SMBs) to help them meet working capital needs.