SAN FRANCISCO - FEBRUARY 25:  Visa credit cards are arranged on a desk February 25, 2008 in San Francisco, California. Visa Inc. is hoping that its initial public offering could raise up to $19 billion and becoming  the largest IPO in U.S. history.  (Photo Illustration by Justin Sullivan/Getty Images)

Visa chooses Dubai for its 3rd Innovation Center!

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Visa has opened its third global innovation centre at Dubai Internet City in a bid to develop payment technology solutions for the region.

The other two centres are in San Francisco, which was opened in July 2014, and in Singapore, which was opened in April 2016.

Jim MacCarthy, executive vice-president of innovation and strategic partnership at Visa, said it will be “a destination for clients, partners and developers across the region to work alongside Visa experts and jointly create the next generation of commerce applications.”

John McGuire, vice-president of innovation and strategic partnerships at Visa, said that Dubai is the ideal place to bring this collaborative approach to life as the emirate has embarked on an innovation strategy.

The payments company demoed its various solutions such as biometrics, connected cars and Amazon Alexa to the media at the 4,000 square foot facility.

Emirates NBD, which has been an early adopter of Visa’s Developer Platform, says it has a clear vision as payments is concerned.

“We are working with Visa on ‘Developer Platform’ to allow mobile payments for customers, irrespective of what devices we use. We are working on ‘Visa Checkout’ to make faster e-commerce deals in a frictionless and secure manner,” said Charles Lobo, senior vice-president for head of operations, service and projects (retail assets and cards business) at Emirates NBD.

The other one is tokenisation, similar to Apple Pay, in bid to make a transaction more secure, he said and added that the actual card number does not travel on the network and it uses alternative token system to facilitate the transaction.

“We are also studying a pilot phase with Visa for ‘Mobile Locater application program interface’. It tells the bank where the customer is making the transaction,” he added.

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