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.