Dubai, 21 December 2015: The Department of Economic Development (DED) in Dubai, and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, have announced that they will launch a ‘Consumer Card’ in partnership with Visa, the foremost payment scheme in the world.
Designed to match consumers’ everyday spending needs, the card will allow DIB customers to make daily savings and tap into a wide portfolio of offers and discounts.
“The Consumer Card is part of the initiatives being launched by the Department of Economic Development in partnership with the private sector to reiterate Dubai’s leadership in the retail sector and commitment to consumers. We strive to make shopping in Dubai as convenient and rewarding as possible for consumers,” Mohammed Rashed Ali Lootah, Executive Director of the Commercial Compliance & Consumer Protection (CCCP) sector in DED said after signing memoranda of understanding (MoU) with DIB and Visa for the launch of the new card, which will be available to customers in the first quarter of 2016.
The Consumer Card will be available for customers in two variants, namely Visa Rewards and Visa Platinum, which have been developed to match their distinctive needs. Building on other recent initiatives to encourage cashless payments, DIB’s new service will enable customers to use their credit cards in order to avail instant discounts and privileges at a wide range of partners including retail merchants and airlines. The Consumer Card will also enable instant redemption of loyalty points across an equally wide range of partners, including utility payments in the UAE retail merchants and for airline ticket purchases.
Commenting on the initiative, Mohamed Al Nahdi, Deputy Chief Executive Officer and Chief Operating Officer at DIB, said: “It is our constant endeavour to put innovation in the service of our customers. We are constantly looking for ways to fulfil the payment needs of our loyal customers and new cardholders. Our strategic partnership with DED and Visa allows us to bundle an impressive range of benefits that enables customers to save on their daily purchases. The Consumer Card is special as it targets savings from areas where customers spend their money regularly, be it for shopping or entertainment purposes. The Consumer Card has a low cost, high-value proposition and will appeal to a large number of customers and allow them to enjoy unique benefits.”
Azzam Alam Eldin, Head of Government Relations at Visa Inc. for MENA said: “Dubai has achieved great accomplishments towards realising the Smart Government strategy in the lead-up to the Expo 2020 by staying abreast of the latest technology and innovation. Aligned with this vision, Visa is glad to sign this MoU with the DED within a dynamic partnership between the public and private sectors. We are also pleased to partner with DIB in order to provide customers with valuable offers and features. Moving forward, we will continue to work together on the launch of a joint awareness campaign to educate UAE residents about the benefits of making cashless payments. We are also focused on developing a payment environment that is based on security, efficiency and innovative technology with the government’s support.”