The Dubai Economy has signed a memorandum of understanding (MoU) with Visa to promote cashless payments and business growth through leveraging the global digital payment leader's loyalty and merchant support assets.
The two entities will co-operate to facilitate card payments and drive a cashless economy in partnership with merchants. The initiative seeks to bring on board businesses to offer incentives on card payments for in-store as well as online purchases while consumers will be encouraged to opt for cashless payments in Dubai.
Merchants can enroll in the programme free of charge.
The MoU was signed by Ali Ibrahim, Deputy Director General of the Dubai Economy, and Shahebaz Khan, UAE General Manager of Visa.
"This MoU is part of our efforts to support consumers and merchants alike and help them build strong and mutually beneficial relations," Ibrahim said.
Under the agreement, the Business Registration and Licensing (BRL) sector in Dubai Economy will provide Visa with the data of the companies registered in its system. The data will help determine the criteria for the participation of merchants.
The two entities have also agreed to organise awareness programs on the new initiative, including on Visa's promotion channels, for consumers, merchants and card issuers, and to jointly identify and review the list of potential merchants to be included in the initiative.
"This MoU is part of our longstanding partnership with the Dubai Economy, and underlines our ongoing efforts to support the UAE's digital commerce ambitions," Khan said.
"Digital payments can help merchants offer hyper-personalised and rewarding experiences, and deliver an enriched value proposition for their customer base that can help them drive revenue. For card holders, they can enjoy a payment experience that is more seamless, secure and rewarding than transacting with cash," he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)