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Fri 27 Mar 2015 09:50 AM

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Payments giant Visa to open innovation centre in Dubai

Announcement follows two-day visit to the UAE by visa's chief executive Charles Scharf

Payments giant Visa to open innovation centre in Dubai

Visa, the global electronic payments firm, has announced that it will invest in an innovation centre in Dubai following a two-day visit to the UAE by its chief executive.

Dubai is Visa's regional headquarters for Central and Eastern Europe, Middle East and Africa (CEMEA) and the new centre will provide Visa, its clients, and partners across the region with a centre to jointly develop the next generation of payments technology, a statement said.

The initiative will also help Dubai achieve its Smart City objectives, the company said without giving the value for the investment.

The announcement was made at the end of a two-day trip to the region by Visa's CEO Charles Scharf who met industry representatives and UAE government officials.

"Visa is a long term investor in Dubai and the UAE. With this innovation centre announcement we are reinforcing the importance of this region to our business," said Kamran Siddiqi, group executive, Visa CEMEA.

"We want to create a space where banks, mobile network operators, tech firms and others can come together with Visa and collaborate to create new products and services that accelerate the adoption of electronic payments.

"Given its highly developed economy, sophisticated financial and services sector, and state-of-the art telecommunications, the UAE provides the enabling environment for new technologies to gain acceptance."

The UAE was selected recently by Visa as one of 16 countries where consumers will soon be able to use VisaCheckout, a quick and easy payment service to pay for goods online, on any device, in just a few clicks.

Siddiqi added: "Our vision to remain the best way to pay and be paid - for everyone, everywhere, requires a commitment to collaborate and foster innovation. This will help accelerate the efforts to make Dubai and the UAE the first cashless Arab society by Expo 2020."

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