Payments giant Visa is to extend its investment in the Middle East by building a brand new innovation centre in Dubai, its regional HQ.
The announcement follows a two day visit to the UAE by Visa CEO Charles Scharf.
Visa hopes to make the UAE the “first cashless Arab society” by 2020, according to Kamran Siddiqi, group executive for Visa CEMEA.
“Given its highly developed economy, sophisticated financial and services sector, and state-of-the art telecommunications, the UAE provides the enabling environment for new technologies to gain acceptance,” he said.
“We want to create a space where banks, mobile network operators, tech firms and others can come together with Visa and collaborate to create new products and services that accelerate the adoption of electronic payments.”
They investment will also help Dubai to take further steps towards its “Smart City” goals, says Visa.
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