Dubai Economy has signed a memorandum of understanding (MoU) with global digital payments leader, Visa, to promote cashless payments and business growth through leveraging Visa’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 loyalty 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 Dubai Economy, and Shahebaz Khan, UAE General Manager – Visa.

“This MoU is part of our efforts to support consumers and merchants alike and help them build strong and mutually beneficial relations. Having globally acclaimed partners such as Visa will further strengthen our efforts to position Dubai among the most trusted and preferred retail destinations in the world and help us gather vital data on shopping and consumption patterns needed to design competitive strategies and plans for improving the local business environment,” said Ali Ibrahim.

Under the agreement, the Business Registration & 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 programmes 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 Dubai Economy, and underlines our ongoing efforts to support the UAE’s digital commerce ambitions,” Shahebaz Khan, UAE General Manager, Visa. “Digital payments can help merchants offer hyper-personalized and rewarding experiences, and deliver an enriched value proposition for their customer base that can help them drive revenue. For cardholders, they can enjoy a payment experience that is more seamless, secure and rewarding than transacting with cash.  We are committed to working closely with Dubai Economy to incentivize the use of digital payments, and creating a win-win situation for both merchants and customers in the country.”

Throughout the MoU period, Visa will share with Dubai Economy insights on digital payment trends to help identify the best means to stimulate digital commerce in Dubai. Visa will also provide a portal to support and manage merchant registration in the new initiative. The portal will serve as a database or portfolio of offers to consumers and partner banks worldwide, as well as an interface to facilitate their promotion.