Noor Bank has partnered with
UnionPay International to inaugurate the Shari’ah compliant bank’s first EMVCo
QR-based mobile payment service that will allow consumers in the UAE to make
instant and secure payments on the go.
The parties expect participating
retail, restaurant and tourism-focused merchants to benefit from the
cross-border capability of UnionPay QR code payment service.
Han Wang, the General Manager of
UnionPay Middle East, said, “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.”
In a joint statement, Noor Bank and
UnionPay International said that in the UAE UnionPay is accepted nationwide
both on POS terminals and ATM machines, the acceptance rate is 100 per cent,
more than 60 per cent on POS terminals for the UnionPay card and QuickPass, an
NFC-enabled payment solution.
The new solution is expected to
create a wider acceptance and increase the number of current QR-code-enabled
merchants in the country by end-2019.
“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,” said John Iossifidis, the Chief Executive Officer of Noor
Bank.
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.