Noor Bank Collaborates With UnionPay International To Launch EMVCo QR-Based Mobile Payment Solution
New service allows consumers to make instant, secure payments on the go
Noor Bank, one of the leading Shari'ah-compliant banks in the UAE, has partnered with UnionPay International, the world's largest payment scheme, to inaugurate the bank's first and only EMVCo QR-based mobile payment service that allows consumers in the UAE to make instant and secure payments on the go.
In line with global trends and supporting the UAE's ongoing digitalisation drive, Noor Bank's customers and merchants across the country can now leverage UnionPay QR code scanning for all their payments. Participating retail, restaurant and tourism-focused merchants can benefit from the cross-border capability of UnionPay QR code payment service that enriches the overall customer experience. Noor Bank is the largest issuer of UnionPay cards in the UAE with over 550,000 cards issued through local financial services group MINT Middle East.
The launch ceremony was attended by Han Wang, General Manager – Middle East of UnionPay International, and John Iossifidis, Chief Executive Officer of Noor Bank. The event drew the participation of Noor Bank's top management, including Kazim Ali, Head of Corporate Banking, Ehsaan Ahmed, Head of Global Transaction Services, Amin Hashmi, Head of Cash Management, and Imran Zaidi, Senior Manager – Merchant Acquiring. The core team of UnionPay International, comprising Asif Durrani, Country Manager – UAE, Oman & Yemen, Donnabel Cantila, Manager for Marketing and Branding, Yassir Alakeeli, Business Account Manager for UAE, and Sakshi Khanna, Acceptance Manager, also attended the launch.
Han Wang said: "The UAE is making strides to enhance electronic payments and promote financial inclusion. The QR-code-scanning-based payment solution is a cost-effective alternative to cash payments for consumers and retailers alike and will further drive the shift towards a cashless society within the UAE."
For his part, John Iossifidis said: "Noor Bank is pleased to work with UnionPay International to deploy QR payment solutions in this region and enable a larger customer base to go cashless. We firmly believe such a collaborative approach will accelerate the achievement of our shared vision to promote financial inclusiveness and deliver outstanding customer experiences. In the UAE's rapidly evolving digital landscape, QR code payments are not only a futuristic, low-cost solution for merchants, they also enable consumers to make instant and secure payments on the go."
Ehsaan Ahmed said: "Enabling the convenient new solution from UnionPay International complies with the focus of the Noor Bank Global Transaction Services team on devising innovative payment solutions in partnership with leading industry stakeholders. We are proud of our long-standing synergies with UnionPay International and look forward to future collaborations to build new frontiers in the mobile payments solutions space."
For several years, China's multibillion-dollar Belt and Road Initiative (BRI) has contributed to the country's upholding of its coveted status as the UAE's largest trading partner. In addition, more than a million Chinese tourists visited the UAE in 2018. Given this high influx of visitors, leveraging UnionPay cards for all payments is increasingly making sound business sense. UnionPay cards are currently accepted for online and offline transactions across the UAE.
In the UAE, UnionPay is accepted nationwide both on POS terminals and ATM machines – acceptance rate is 100% and more than 60% on POS terminals for the UnionPay card and QuickPass (NFC-enabled payment solution), respectively. The new solution is expected to create wider acceptance and increase the number of current QR-code-enabled merchants in the country by end-2019.
Currently, UnionPay cardholders can enjoy UnionPay mobile payment services, including UnionPay mobile QuickPass and QR code payment solutions, in 47 countries and regions. Among them, UnionPay QR Code payment is accepted at more than 290,000 merchant outlets in 31 countries and regions outside mainland China.
