Emirates NBD reports steep increase in contactless payments


Emirates NBD reports steep increase in contactless payments

  • 5 out of 6 face-to-face card payments are now fully contactless
  • Bank wins international recognition at Visa’s Global Service Quality Awards
Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking and Wealth Management, Emirates NBD

Dubai: As consumers and merchants have increasingly preferred to use touch-free technologies to stay safe during the COVID-19 outbreak, Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, reports that contactless payments now make up 84% of all face-to-face card payment transactions.

The bank, a front-runner in digital banking, saw contactless payment transactions which include contactless card and mobile wallet-based payments rise by 59% year-on-year in 2020. Mobile wallet-based payments using Apple Pay, Samsung Pay, and Google Pay more than doubled during the period while card tap and go-based payments increased by about half. Emirates NBD customers also are increasingly using their personal devices such as Garmin and Fitbit smartwatches and health trackers to make point of sale payments. The share of contactless payments of the total value transacted also has doubled, illustrating the growing customer comfort with using contactless payment options for larger ticket purchases as well. The bank also saw e-commerce transactions increasing by about a fourth in 2020 over the previous year.

Emirates NBD offers customers the option to link their debit and credit cards to their smartphone or wearables to make quick and secure payments via mobile wallets and has also enabled contactless POS payments on all bank cards. An early mover in banking and payments innovation, Emirates NBD recently received international acclaim from global payments technology company Visa, winning the Global Service Quality Awards (GSQA) for ‘Emerging Payment Adoption – Contactless’ and ‘Emerging Payment Adoption – Tokenization’ for the second consecutive year. Visa also honoured Emirates NBD for the ‘Highest Authorization Approval Rate – Cross Border Consumer POS’, commending the bank’s high authorization approval rates for cross-border consumer point-of-sale transactions while also ensuring strong controls.

Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking and Wealth Management, Emirates NBD, commented: “Consumers and merchants are increasingly using touch-free technologies as part of precautions to prevent the spread of COVID-19. Emirates NBD has been an early mover in enabling a wide range of contactless card and mobile wallet-based payment options for our clients and we remain committed to providing safe, secure, and frictionless payment experiences for our customers.”

A front-runner in digital banking innovation, Emirates NBD’s robust digital infrastructure has enabled it to continue offering seamless banking services to customers despite COVID-19 related restrictions.

About Emirates NBD:

Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 31st December 2020, total assets were AED 698 Billion, (equivalent to approx. USD 190 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 14 million customers. The Group is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands. 

The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘UAE’s Best Bank’ in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis. The Bank is ranked 87th in The Banker’s list of the World’s Top 1,000 Banks.  Emirates NBD was named ‘Bank of the Year – UAE 2020’ for the sixth year and ‘Bank of the Year – Middle East 2020’ for the third time by The Banker. In addition, Emirates NBD has been assessed as the ‘Strongest Bank in the UAE’ and ‘Fifth Strongest Bank in the Middle East’ by The Asian Banker 500 Largest and Strongest Banks Rankings.

The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 915 branches and 4,029 ATMs / SDMs. The Group has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.

Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Group is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.