Visa announced the establishment of partnerships with ABHI and YellowPepper in order to scale the implementation of payments from account to account (A2A).
The companies reported that the implementation of the concept of their cooperation will stimulate the expansion of access to financial services in Africa, Eastern Europe, and the Middle East. Also, the partnership between Visa, ABHI, and YellowPepper will help accelerate the introduction of new payment solutions in these regions and stimulate more intensive innovation. The relevant information is contained in the joint press release of the companies.
As part of the implementation of the partnership relationship, conditions will be provided for the use of the Visa Direct opportunity to provide advanced payment services. In this case, ABHI customers will have access to a reliable, economical, and instant method of sending and receiving money. When making A2A transfers, the card’s credentials are used, which are backed up by Visa’s multi-level security and risk control system.
Customers will be able to transfer money between their accounts. Consumers will also be given the opportunity to make money transfers, replenish savings, and top up funds to digital wallets using cards that they already own.
Omair Ansari, co-founder and CEO of ABHI, said in a press release that this cooperation between the companies is a leap towards greater availability of financial services and a sustainable digital economy. He also stated that his company, using Visa Direct technology, strives to democratize the mentioned services, making real-time transactions smoother and safer for all consumers in the United Arab Emirates.
YellowPepper, a Visa Solution, is also part of strategic cooperation. The platform of this company called Yepex provides organizations with the opportunity to connect to international and domestic payment solutions in real time. In this case, support is provided for various use cases, including peer-to-peer (P2P), cross-border payment operations, and a directory of aliases.
The cooperation of ABHI, Visa, and YellowPepper is also a kind of historical event for the CEMEA region (Central Europe, Middle East, and Africa). For the first time, Visa will have earned wage access (EWA) in the markets of the Gulf Cooperation Council (GCC).
ABHI will present the EWA product in the UAE. This company will offer payments on existing Visa cards that meet the requirements. The services will also be extended to co-branded cards of the payment giant, specially issued for ABHI customers in the Wage Protection System (WPS) segment.
YellowPepper is a member of the Visa family. The company’s headquarters are located in Miami. This brand operates in more than 14 countries.
ABHI is a Pakistani lending startup. The company has officially stated that its activities are aimed at offering an alternative to people who ask for money in debt from family, friends, or an employer to live until the next salary. In April 2022, the startup announced the raising of investment funds in the amount of $17 million following the results of the Series A financing round.
As we have reported earlier, Visa and Neopay Cooperate in UAE Payments Market.