Noor Bank is taking its cashless game one step further by rolling out an EMVCO QR-based mobile payment service allowing consumers in the UAE to make instant and secure payments on the go.
The Islamic bank launched the new cashless service in partnership with China’s UnionPay, leveraging on the bank’s position as the largest issuer of UnionPay cards in the Emirates with over 550,000 cards issued through local financial services group as well as the fact that the UAE has received a high influx of Chinese tourists, on the back of stronger bilateral relationship between China and the UAE driven by President Xi Jinping’s multibillion-dollar Belt and Road Initiative.
“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,” commented John Iossifidis, CEO of the Islamic bank.
Han Wang, the general manager UnionPay International’s Middle Eastern operations, concurred: “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.”