Visa Debuts Visa Private for Wealthier Cardholders in UAE
Visa has introduced Visa Private, an offering designed for wealthier cardholders.
Rolling out in the United Arab Emirates (UAE) before a wider launch in the Gulf region, the new offering is aimed at cardholders who want “a level of service and benefits that go beyond conventional card experiences,” Visa said Monday (Sept. 15).
The company’s announcement said that the UAE is forecast to see a net inflow of about 9,800 millionaires in 2025, the highest figure on the planet. Visa Private aims to help issuing banks meet the needs of these wealthier users, which “extend beyond routine payment functionality,” the company said.
“By giving high-net-worth individuals a seamless way to pay and a richer set of experiences when they do – we are helping our partners deepen customer relationships and supporting the UAE government’s wider digital commerce agenda,” said Yuri Topunov, Visa’s vice president and head of products and solutions for the Middle East and North Africa.
According to the announcement, Visa Private offers things like complimentary lounge access for the cardholder along with two guests, year-round discounts at select fine-dining venues and beach clubs across the Gulf Cooperation Council countries, and a complimentary hotel night stay in more than 20 premium hotels.
The offering comes as credit card companies are increasingly catering to ultra-wealthy customers. A report last month by the New York Times said this means some travel cards now carry higher annual fees and benefits that industry experts say make it tough to tap into premium services, such as business class seats.
“We are at some kind of inflection point,” Clint Henderson, a managing editor at The Points Guy, a website focused on helping consumers capitalize on cards and loyalty programs, told the news outlet. “It’s getting harder and harder for consumers to win. That’s true of the credit cards, that’s true of elite status, that’s true of loyalty.”
Meanwhile, research by PYMNTS Intelligence has shown that 48% of credit cardholders say that rewards or discounts are the main reason they chose the card they use most often.
Among Generation Z and millennials, this figure is more consequential, considering how much they depend on their top-of-wallet cards. Members of Gen Z use an average 30% of their available credit on their chief credit card, while millennials are using 27% of their credit.
“Compare that to older generations, who spread their spending across multiple cards or lean more on debit and checking accounts,” PYMNTS wrote in August. “For financial institutions and FinTechs, this presents an opportunity to deliver smarter, targeted rewards to not just gain customers but, potentially, lifetime advocates.”
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