- Partnership will accelerate transition to cashless society
- Beneficial to consumers and businesses, especially fintech firms, says Al Qamzi
Dubai, United Arab Emirates – 25 November 2018: The Department of Economic Development (DED) in Dubai and its long-standing partner, Visa, the world’s leader in digital payments, have signed a Memorandum of Understanding (MoU) to help grow the UAE’s consumer eCommerce sector by encouraging more merchants to take their businesses online, and educating consumers on the benefits of digital payments and shopping and paying online.
The agreement was signed by His Excellency Sami Al Qamzi, Director General of DED, and Marcello Baricordi, General Manager for MENA, Visa. The MoU follows continuous efforts by DED and Visa to promote retailing and safe online shopping habits.
Commented Sami Al Qamzi, Director General of DED: "“We are delighted to collaborate with Visa on driving digital payments in the UAE and accelerating the UAE’s move to a cashless society in line with the directives of our leadership and the UAE Centennial Plan. Our goal is to position Dubai as the foremost in digital retailing as well as the happiest in the world."
Al Qamzi added: “We continue to create successful public-private partnerships to achieve our consumer protection goals. By joining hands with Visa we seek to enable consumers and businesses in Dubai take advantage of online shopping confidently while protecting the interests of individuals as well as emerging companies, especially fintech solutions providers.”
The collaboration between DED and Visa will also work to create an annual index to monitor eCommerce growth in the UAE and, in particular, Dubai. The organisations will enhance the online customer experience for UAE shoppers, and increase transparency of the eCommerce sector via knowledge and data sharing between the organisations.
Baricordi said: “Visa continues to work collaboratively with payment ecosystem partners like DED and in line with the UAE’s vision of being a smart, cashless, and knowledge-based society. We view eCommerce as a key strategic area where Visa can bring value to support UAE’s drive to support SMEs, build consumer trust and deliver better customer experiences, and drive eGovernment initiatives.”
Baricordi added: “This partnership highlights a strong need to address and enhance the experiences of customers when online shopping. Cardholder security is at the heart of Visa’s business and, along with providing a safe and secure online shopping environment, we, along with the DED, are committed to improving the payments sphere and increasing accessibility while continuing to maintain UAE fraud rates at their current historic lows.”
eCommerce is still only 2% of the retail spend in the UAE and both DED and Visa see an opportunity for more growth. The rise in eCommerce is seen by both organisations as providing a platform for local entrepreneurial talent to spur innovation as well as for global players to participate in the UAE economy, with the recent acquisition of local companies by foreign companies such as Souq (acquired by Amazon) as positive examples of how this could propel more start-ups and venture capitalists to invest in the local eCommerce market.
About Department of Economic Development (DED):
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth. DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.
For further information, please contact:
Faisal Shamsudheen, Government Communication Division, Department of Economic Development
Tel: (971 4) 445 5927 Email: [email protected]
About Visa Inc:
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visamiddleast.com, visanewsmena.tumblr.com or follow us on Twitter @Visamiddleeast
For further information, please contact:
Sophie McNulty, ASDA’A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600 Email: [email protected]