Comera Pay, a subsidiary of the Royal Group and regulated by the Central Bank of the UAE, has achieved principal membership status with Visa.
This accreditation enables Comera Pay to issue Visa prepaid and debit cards directly in the UAE, alongside introducing a multicurrency service for both local and international transactions. The service will feature Visa Classic, Platinum, and Infinite tiers, merging secure everyday use with premium perks.
By integrating its wallet with Visa’s global network, Comera Pay promises enhanced settlement efficiency, increased security, and greater flexibility for users dealing with multiple currencies. This initiative supports the UAE’s broader digital transformation goals and its shift towards a cashless society.
Akhtar Saeed Hashmi, CEO of Comera Financial Holdings, hailed this development as transformative, allowing for seamless, innovative, and globally recognized payment solutions. Visa’s leadership in the UAE shared this enthusiasm, noting it elevates the nation’s status as a hub for digital transactions.
“We are thrilled to welcome Comera Pay as a Visa Principal Member,” stated Salima Gutieva, Visa’s Vice President and UAE Country Manager. “This milestone enables Comera Pay to deliver innovative, secure, and globally accepted payment solutions to UAE consumers and businesses, bolstering the country’s position as a leader in fintech and digital commerce.”
This development coincides with the rapid expansion of the UAE’s fintech sector. Digital bank Wio, supported by ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank, has reached Dh37 billion in assets in just two years, serving over 105,000 SMEs and freelancers. Similarly, e& money, the fintech division of e&, has exceeded one million users, issuing over half a million prepaid cards through a partnership with Mastercard. Together with Comera Pay, these entities highlight the UAE’s growing clout in digital wallets, card issuance, and cross-border payment solutions.
Comera Pay’s entry into the multicurrency and card issuance market introduces new competitive dynamics and options. Consumers and businesses now have broader choices in digital wallets and complete card memberships supported by Visa. This could spur innovation in pricing, rewards, exchange rates, global usability, and security features.
