In a significant move for the digital payment landscape in the UAE, Checkout.com has become the first acquirer to introduce Visa Direct's Push-to-Card solution. Announced on February 17, 2025, this initiative will facilitate both cross-border and local transactions, empowering users with swift and efficient money transfer options.
The Push-to-Card solution is designed to enable merchants and consumers to send funds promptly to eligible Visa cards, providing nearly instantaneous access to money. With features such as peer-to-peer payments and quick remittances, it promises to enhance transactional efficiency. "Visa Direct is transforming the way money moves globally, and we are excited to see Checkout.com leverage this technology to meet the evolving demands of businesses and individuals alike by offering them a faster, more convenient, and secure way to send and receive funds," said Shahebaz Khan, Senior Vice President and Head of Commercial and Money Movement Solutions, CEMEA.
Supporting Checkout.com’s recent announcement is the company’s impressive milestone of processing over one million Account Funding Transactions (AFTs) from the UAE with Visa. This growth reflects the increasing consumer demand for seamless and instantaneous financial processes. The UAE has quickly solidified its position as a frontrunner in the digital payment sector, driven by the vision of a cashless society.
As noted by Remo Giovanni Abbondandolo, General Manager for MENA at Checkout.com, “The UAE has rapidly emerged as a leader in digital payments, fueled by a clear vision to create a cashless, interconnected ecosystem. By providing seamless, secure, and real-time payout capabilities, we’re empowering merchants with the agility to thrive in this fast-evolving landscape.”
The new Push-to-Card solution significantly improves operational efficiency for merchants by minimizing the complexities associated with transactions. This innovation eliminates the prerequisite for detailed banking information and enhances overall payment performance, supporting the drive towards a more digital-centric economy.
Furthermore, statistics from Checkout.com's annual MENA e-commerce report indicate that nearly 80% of consumers in the region are engaging in fintech activities that go beyond simple online purchases. This includes diverse activities such as money transfers and personal investments, underscoring the rapid shift towards real-time financial services.
The growing adoption of AFTs illustrates the demand for immediate money movements. These transactions enable merchants to offer streamlined funding options for digital wallets and accounts while processing over a million AFTs monthly with Visa in the UAE. As digital transactions simplify, they also come with improved security features that help reduce fraud risks and enhance customer satisfaction.
“By eliminating multiple intermediary steps, AFTs allow real-time account top-ups through secure transactions, reducing friction and enhancing customer satisfaction,” said Abbondandolo. For businesses, this efficiency not only translates to lower transaction costs but also reinforces the overarching pursuit of establishing a cashless economy in the UAE.
As the digital commerce sector continues to expand, AFTs and solutions like Visa Direct's Push-to-Card are likely to play critical roles in fostering financial inclusion across the Middle East. With Checkout.com at the forefront of these developments, the potential for innovative payment solutions appears promising, paving the way for new standards in the way money flows within the region.