UAE consumer appetite for digital payments takes off
DUBAI, 2 hours, 46 minutes ago Research from Mastercard shows that the adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow. The Mastercard New Payments Index shows 97% of UAE consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year. Over two-thirds of respondents (66%) agree they have tried a new payment method they would not have tried under normal circumstances, but the pandemic has galvanised people to try flexible new payment options to get what they want, when they want it. With this interest and consumer demand also comes a greater expectation for businesses to provide multiple ways to shop and pay. In fact, 62% of UAE consumers say they would avoid businesses that do not accept electronic payments of any kind. Additionally, nearly 3 out
How the business is accommodating accelerated adoption of digital payments Image Credit: Supplied
The adoption of digital payments – in-store and online – was significantly accelerated in 2020 because of the dynamics of Covid-19. The speed, breadth, and permanence of this change, made possible by the fintech revolution and global digital transformation, is almost equalled by the growing sophistication of cybercrime.
And so, as financial services providers work on pioneering exciting new digital services and products, so too must they invest in security solutions that protect consumers, businesses, and the global financial system.
The diversity of platforms and devices complicates this challenge – financial services providers must consider the security risk of digital payments not only by cards but also by phones, mobile wallets, and wearable tech – across different networks and regulatory environments.
HSBC, Mastercard partner for B2B payments
DUBAI, 2 hours, 22 minutes ago Mastercard has announced a new partnership with HSBC that will provide the bank’s commercial customers in the UAE with an enhanced business-to-business payment experience via the Mastercard Track Business Payment Service. The latest collaboration will result in the launch of MasterCard Track Business Payment Service in the UAE. With partnerships across all regions around the world, Mastercard Track Business Payment Service helps companies simplify and optimize how they pay and get paid through a global open-loop network. Businesses have greater control of their payments with rich data exchanges and the ability to automate payments across multiple payment rails. Among the benefits for businesses are the ability to scale, improved security and control, cash flow efficiency and digitization of existing manual processes.
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Payments company Mastercard unveiled its Click-to-Pay service in the UAE that allows customers to make quick and secure online payments.
The service was first announced in the US in October 2019, followed by the Asia-Pacific region in July last year.
It replaces the time-consuming process of filling out of account details at the checkout stage with a digital icon or button. Users are not required to store their sensitive data with participating merchants.
The UAE will benefit from Click-to-Pay’s “simple and safe technology”, said Girish Nanda, Mastercard’s country manager for the UAE and Pakistan.
“With a unique one-time code issued for the first-time user when they are ready to checkout, shoppers can make purchases across a broad merchant network without worrying about fraud . transforming the digital shopping space for businesses of all sizes as the barriers to checkout diminish for consumers,” said Mr Nanda on Sunday.