Commercial Bank of Dubai has partnered with Visa on credit and debit cards, core data assets and insights, and marketing initiatives.
These efforts are part of an exclusive multi-year strategic partnership agreement for credit and debit cards and aim to further accelerate digital payments in the United Arab Emirates (UAE), the companies said in a Sunday (July 7) press release.
“The financial sector landscape is changing dramatically with technological disruption, emergence of new players, as well as constantly evolving customer expectations,” Bernd van Linder, CEO at Commercial Bank of Dubai, said in the release. “Our collaboration with Visa will help us in developing new business models and providing more personalized customer offerings.”
Together with providing innovative payment solutions, the partnership includes the establishment of a Centre of Excellence powered by Visa Consulting and Analytics (VCA), according to the release. This collaboration will use core data assets and insights to address business challenges and offer personalized solutions to customers.
In the marketing realm, the two companies will work together to enhance digital customer onboarding experiences, sponsor high-profile events like the Olympics, offer flexible payment options directly through point-of-sale (POS) machines and offer comprehensive benefits, per the release.
“CBD will be able to leverage Visa’s industry-leading data and analytic capabilities to further drive innovation with personalized experiences for Visa cardholders,” Salima Gutieva, vice president and country manager for UAE at Visa, said in the release. “We also look forward to bringing value to local retailers and contribute to the UAE government’s efforts to grow the digital economy.”
PYMNTS Intelligence has found that the UAE has a high percentage of Click-and-Mortar™ shoppers — those consumers who leverage both digital tools and physical locations to maximize their shopping experience.
Eighty-nine percent of UAE retail shoppers leverage digital tools while browsing in physical stores, according to the “2024 Global Digital Shopping Index: UAE Edition,” a PYMNTS Intelligence report commissioned by Visa Acceptance Solutions.
In another recent move in the UAE, Emaar Properties PJSC, a real estate developer in the country, adopted a virtual card solution from Visa and Mashreq to facilitate the digitization and automation of its B2B payments.
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