Noor Bank is partnering with payments scheme UnionPay to enable customers to make instant, secure payments on the go.
Specifically, Noor Bank is rolling out its first EMVCo QR-based mobile payment service.
Consequently, Noor Bank customers and merchants can leverage UnionPay QR code scanning for all their payments.
Participating retail, restaurant and tourism-focused merchants will benefit from the cross-border capability of UnionPay QR code payment service.
Noor Bank is the largest issuer of UnionPay cards in the UAE. It has over 550,000 cards issued through local financial services group MINT Middle East.
Han Wang, GM Middle East, UnionPay, says: “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 it will further drive the shift towards a cashless society within the UAE.”
Noor Bank, UnionPay accelerating drive to a cashless UAE
John Iossifidis, CEO, Noor Bank adds: “Noor Bank is pleased to work with UnionPay International to deploy QR payment solutions. This enables a larger customer base to go cashless.
“We firmly believe such a collaborative approach will 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.”
More than one million Chinese tourists visited the UAE in 2018. Consequently, leveraging UnionPay cards for all payments is increasingly making sound business sense. UnionPay cards are accepted for online and offline transactions across the UAE.
In the UAE, UnionPay is accepted nationwide both on POS terminals and ATM machines. 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.