In line with the Bank’s strategy to diversify its portfolio, this will provide RAKBANK’s large SME and Corporate customer base and the wider UAE merchant community with cost effective payment acceptance solutions coupled with superior service delivery.
“The Bank’s entry into merchant acquisition gives us the opportunity to support our SME and corporate customers. This will also allow the Bank to focus on its client acquisition, relationship management, and product development activities to bring innovative and customer friendly payment solutions to the UAE market with an aim to make payments simpler and safer. We are delighted to have formed a strategic partnership with Etisalat as our managed service provider for our Merchant Acquiring business to enhance the customers’ journey. The Bank is always finding new ways to offer our valued customers more flexibility, convenience, and choice regarding their everyday banking requirements,” said Peter England, RAKBANK CEO.
The payments industry landscape is rapidly evolving and this has increased the need to provide new technological solutions to merchants. The Bank will provide both the merchant and the individual customer with real-time, frictionless, flexible, seamless and scalable transactions through Point of Sale (PoS) operations, mobile Point of Sale (mPoS), and e-commerce and online payment solutions.
Aligned with the Bank’s commitment to bring ‘Simply Better’ banking to the UAE market, ‘RAKBANK Pay’ delivers innovation in the current payment acquiring landscape. What differentiates ‘RAKBANK Pay’ from other payment solutions is that it will provide innovative acquiring services and solutions to support the ever-changing needs of merchants, besides offering traditional payment acceptance methods.