Sanchit Agarwal

A new form of biometric payment is emerging in the UAE called Palm Payment. Soon you'll be able to pay with a swipe of your hand at selected merchants. To use this method, you will need to register your palm on the palm scanner at the designated merchant store and link it to your credit card. The scanner will capture the lines on your palm and vein pattern. An algorithm will then associate a unique palm signature for you. Subsequently when you use your palm at a supporting merchant the POS will trigger an authorization using your card details. This technology joins other biometric payment methods we’ve seen so far like facial and fingerprint payments. Each uses a different authentication process and user interaction. The choice of payment will depend on user preference and merchant capabilities. In all cases, these biometric payments will improve efficiency and user experience. For people who worry about phone battery issues, or tend to forget their cards they won’t have to remember to bring their palm! #PalmPayment, #BiometricPayments

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Check out our latest podcast: Financial Management Beyond Banking in the Middle East Listen here: https://lnkd.in/gcXe2vfm Discover how to navigate the complex financial landscape in the Middle East. #podcast #finance #MiddleEast #financialmanagement Let us know your thoughts in the comments!

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The world of payments is undergoing a rapid transformation, with new technologies and methods emerging all the time. This is driven by factors like growing demand for faster & more convenient #payment options. #visa #creditCard

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The UAE and India's collaboration on Jaywan marks a significant step towards a more integrated financial landscape. This innovative card streamlines cross-border transactions, promotes real-time settlements, and fosters economic growth. #DigitalPayments #UAEIndiaRelations #Innovation

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Al Etihad Payment’s Jaywan, can now be used to pay for transactions using Magnati payment terminals. This strategic alignment between Magnati and AEP represents another step forward in UAE's digital payment landscape. By focusing on the acquiring and acceptance side ahead of card issuance, this partnership ensures that once the first #Jaywan cards are issued, they will be immediately functional and recognized at Magnati terminals. By enabling Jaywan acceptance on Magnati's extensive network of payment terminals, AEP is ensuring that residents using Jaywan cards across the UAE benefit from convenience, fast transaction processing, and strong security. #UAE #PaymentSolutions #Innovation #SecurePayments #Partnership https://lnkd.in/dzM5QdHy

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The UAE is launching their own domestic card scheme called Jaywan. So why it’s important to have our own domestic card scheme (and replace the international schemes i.e. Visa, MasterCard, etc) ? First let’s look at some of the key roles of the international card schemes to better understand why this initiative is important : - They facilitate the processing of transactions between merchants<-> Acquiring banks <-> Issuing banks - They regulate the market, set rules and guidelines - They charge interchange fees to cover their cost - They facilitate the dispute process between cardholders (and their issuing banks), and merchants (and their acquiring banks) By introducing a domestic card scheme (Jaywan), the UAE will be reducing dependency on the international card schemes. - We will have more control over our own transaction rules and regulations. So less reliance on international regulations, geopolitical tension etc - We will set our own rules for card issuance, transaction processing, fees etc - We will lower transaction costs as international schemes charge for cross border transactions - We will have security and data protection in line with our own local laws and regulations   This initiative represents an important step towards enhancing financial independence. #Jaywan

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UAE consumers now have the flexibility to use a single card for their credit, debit, BNPL needs, and multi-currency payments at POS. This innovation helps reduce the load on their wallets by eliminating the need to carry multiple cards, streamlining their financial transactions and enhancing convenience. https://buff.ly/3R564HJ #Credit #Debit #VISA #Creditcard #Debitcard #BNPL #POS #Pointofsale

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Careem Pay also introduced a remittance feature enabling direct transfers from the UAE to businesses abroad, starting with India. Read here: https://lnkd.in/gReSAsN8 -with Abhishek Tripathi #fintech #remittance #payments #moneytransfer

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UAE platform Magnati launches tap to pay on iPhone in the country #Magnati, a UAE-based #payment platform backed by First Abu Dhabi Bank (FAB) and Brookfield, has launched the "Tap to Pay" feature on #iPhone, revolutionizing contactless payment solutions for merchants across the region. Developed in partnership with Network International, this feature allows retailers to accept payments from credit, debit, and prepaid cards, as well as Apple Pay and other digital wallets, using only an iPhone and the SwipeX or N-Genius One iOS app. With over 95% of UAE transactions now conducted via contactless methods, this innovation responds to the growing demand for seamless and secure payment solutions. Merchants simply require an iPhone XS or newer, running the latest iOS, to enable the service through a quick digital onboarding process. This solution leverages the iPhone’s built-in NFC and security features, ensuring the protection of both customer and merchant data. Nishit Doshi, Managing Director at Magnati, highlighted how "Tap to Pay on iPhone" enhances sales efficiency while offering customers greater convenience. Jamal Al Nassai, Group Managing Director for Merchant Services at Network International, emphasized the simplicity and cost-effectiveness of this new payment method for #UAE businesses. The article on Gulf News in the first comment.

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Dubai's Mashreq bank sells 65% stake in NeoPay to Arcapita and Dgpays for $385 Million In a significant move within the #fintech sector, Dubai-listed #Mashreq Bank has agreed to sell a 65% stake in #NeoPay, the brand name for its subsidiary IDFAA Payments Services LLC, to #Arcapita Group Holdings Limited and Turkish fintech firm #Dgpays S.A.R.L. The transaction values NeoPay at approximately $385 million. Mashreq Bank will enter into a long-term shareholder arrangement with the new investors to foster future growth of the business. NeoPay provides businesses with payment processing solutions, including point-of-sale (POS) terminals, eCommerce, mobile payments, and other non-cash transactions. Arcapita, an alternative asset manager, operates in the GCC, Singapore, the UK, and the USA. Dgpays extends its fintech services in the UAE, Luxembourg, and the USA. This strategic partnership aims to enhance NeoPay's market presence and expand its services in the rapidly evolving fintech market. The article on Zawya in the first comment.

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ACI Worldwide's 2024 Prime Time for Real-Time report has revealed that the Middle East is the FASTEST growing market for real-time payments for the SECOND year running 👏 🏛 💸 Governments in the region are implementing real-time payment schemes where businesses and consumers are REAPING the benefits; and is propelling the region into a NEW ERA of financial transformation 🤯 📈 The Middle East ALSO saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions and last year marked a significant milestone as Oman, Kuwait and Qatar each launched their OWN national real-time payment schemes, 👨‍💻 “Real-time payments eliminate payment friction, inject greater liquidity into the system, and promote economic growth and financial inclusion. Yet, their full potential can only be realized when banks transcend legacy silo systems. With real-time payment schemes now operational in every GCC nation, local banks are at a pivotal juncture where they must harness technological evolution as the catalyst for innovation. The path to innovation lies in modernizing and future-proofing their infrastructure, enabling them to fully leverage the potential of real-time payments,” said Santhosh Rao, Senior Vice President, Sales at ACI Worldwide MEASA. “Active collaboration is the cornerstone of a thriving real-time payment ecosystem, fostering an environment where banks must navigate a delicate balance of competition and cooperation with emerging market players. The world’s most successful real-time payment schemes, exemplified by India’s achievements, showcase a myriad of real-time payment methods via QR codes, mobile apps, or online accounts, pushing the boundaries of innovative use cases. With the Middle East leading the world in real-time payments growth, financial institutions should seize the opportunity to carefully study these successes and extract valuable insights to inspire the launch of their own pioneering real-time payment solutions.” Read the report on the link below! 👇 #aciworldwide #payments #middleeast #realtimepayments #gcc #digitaleconomy #mobilepayments #paymentsolutions

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Join us at the #Dubai FinTech Summit on May 6, 2024 Jayesh Patel, CEO of Wio Bank, will share the success story of the pioneering bank, in a fireside chat. We'll dive into the future of #neobanks, #digital banking strategies, and the opportunities in SMB banking. Don't miss this chance to gain insights into the reshaping of the banking industry #DubaiFinTechSummit #DigitalBanking #future #innovation

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The Middle East is quietly leading the way on instant payments. The region has seen some of the fastest transformations to instant real-time transfer systems in the world. Witnessing the success of community driven instant payments, like UPI in India, and infrastructural instant schemes, like Faster Payments in the UK, has allowed most of the markets in MENA to skip a few generations. 🇦🇪 The UAE 👉🏻 The Funds Transfer System has been “near instant” for years now - with 75% of all transactions processing in under 30 seconds. Some banks are still manually processing payments with the Central Bank and so can take longer to settle. 👉🏻 In 2023, Al Etihad Payments announced Aani - a payment scheme modelled off of UPI in India - to settle payments of up to 50,000 AED (c. $13.6k USD) instantly 24/7 peer to peer using QR codes, request-to-pay payment links, and split payments. 🇸🇦 Kingdom of Saudi Arabia 👉🏻 In 2021, Saudi implemented Sarie which, amongst many other things, introduced instant 24/7 payments to the Kingdom. The service operates on both IBANs and NationalID, Phone Numbers, and Email Addresses. It’s a cool hybrid of UPI and Faster Payments. 🇪🇬 Egypt 👉🏻 The Instant Payment Network launched in 2022 to enable instant transfers on weekdays between all regulated banks. Interestingly, IPN also links mobile money and wallets to the national payment systems - massively reducing reliance on cash. 🇧🇭 Bahrain 👉🏻 Last year Bahrain was ranked 2nd globally for its real time payment systems. This year, Bahrani citizens are expected to each make over 83 instant payments per month. 🇴🇲 Oman 👉🏻 Last year Oman launched a new Real-time-gross-settlement system that operates 24/7 - allowing all national banks to settle to eachother instantly. Even in the UK, the RTGS system (CHAPS) doesn’t run 24/7. 🌍 Another really exciting payment rail is AFAQ, an instant payment scheme for cross border payments around the gulf region - allowing funds to move between each country in the GCC instantly even when not transacting in the same currency. These are just a few examples of MENA driving payment innovation! 🚀 #instantpayments #mena #crossborder

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Cross-border payments are at the core of global finance and economic activity. Read here: https://lnkd.in/dESqefeQ In November last year, the Business Leaders Roundtable by Mashreq and MEED brought together industry experts to discuss efforts targeted towards enhancing the efficiency, effectiveness and security of #cross-border transactions. In focus were the various opportunities and challenges encountered in facilitating payments across borders and strategies being implemented to streamline these procedures. Mashreq Corporate & Investment Banking Group #digitalpayments #finance #businesstransformation #innovation

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The Future of Loan Processing in the UAE The UAE's retail banking sector is undergoing a significant transformation, particularly in the realm of loan processing. As banks strive to enhance customer experiences and operational efficiency, digital innovation is becoming a key driver. Key areas of focus for retail banks in the UAE: * Digital Onboarding: Simplifying customer onboarding processes through online applications and e-KYC. * Automated Loan Processing: Leveraging AI and machine learning to automate credit assessments, decision-making, and documentation. * Real-time Credit Decisions: Utilizing advanced analytics to provide instant loan approvals and disbursements. * Paperless Transactions: Reducing paperwork and streamlining processes through digital document management and e-signatures. * Enhanced Customer Experience: Offering personalized services, 24/7 support, and seamless digital interactions. By embracing these technological advancements, banks can significantly improve the speed, accuracy, and transparency of loan processing, ultimately delivering superior customer satisfaction. How these trends are shaping the future of retail banking in the UAE and the challenges and opportunities that lie ahead!! #retailbanking #loanprocessing #digitaltransformation #UAE #fintech #AI #machinelearning #customerexperience

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The interesting marketing move by Cashfree Payments to appoint Raj Kumar Rao as Brand Ambassador got me thinking. So thought of putting across my thoughts! While celebrity brand ambassadors drive consumer awareness, payment gateways like Cashfree operate in a unique B2B space where success metrics look very different: • Technical teams choose payment solutions based on API documentation, not faces • Merchants care about uptime, not advertisements • End users never select their payment gateway • Integration capabilities > Brand perception Perhaps the marketing budget could have been better invested in: - Enhanced developer tools - Improved merchant onboarding - Stronger technical infrastructure - Direct B2B relationship building - Customer success stories What are your thoughts on B2B companies using celebrity endorsements? Do they move the needle where it matters? #B2BMarketing #Fintech #PaymentGateway #MarketingStrategy #BusinessGrowth

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