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Holistic payment solutions for client convenience

RAKBANK offers various card products catering to all income segments with a range of credit cards to satisfy banking needs RAKBANK offers various card products catering to all income segments with a range of credit cards to satisfy banking needs

RAKBANK, one of the leading banks in the UAE, has also ventured into acquiring business in order to provide holistic payment solutions to its customers. With many 'firsts' to its credit, the Bank has been a pioneer in introducing the free-for-life cards and cashback on local and international spends in the market. RAKBANK offers various card products catering to all income segments that include mass, mass affluent, and high net worth individuals (HNIs) with a range of credit cards to satisfy their payment needs. 
"RAKBANK has also entered into several strategic partnerships like Kalyan Jewellers, Air Arabia, with the most recent one being the FC Barcelona affinity Credit Card that was launched in partnership with the famous football club, to offer its customers the ability to remain connected with their favourite brands while spending on their Cards," said Nitin Agarwal, Director Cards Business, RAKBANK.
Additionally, RAKBANK was amongst the first banks in the country to provide Apple Pay and Samsung Pay services to its customers, offering them an easy and secure method of payment. 
Speaking about the current state of the sector, Agarwal said that while UAE has a large number of card issuers with eligible customers holding multiple cards in their wallet, the overall credit cards spends have been growing at a healthy rate. This transformation is driven by customers' increasing trust in credit card payments versus cash payments.
 "Cash still dominates the payment spectrum. However, there has been a marked change in the attitude towards accepting cards as a means of payment. Over the years, circulation of cards has gone up and simultaneously, the Points of Sale (POS) penetration has also risen significantly. Digital push from the regulator and the UAE government has displaced cash to a great extent," he added. 
As far as payment landscape is concerned, technology has further emerged not just as a facilitator, but also as a driver of change in the customer behaviour. 
"Whilst on the one hand, Chip and PIN technology has helped boost sense of security in the customer's mind, contactless technology has immensely contributed toward reducing queues at the payment counters in the malls, hypermarkets and superstores," he said.
On an e-commerce front, implementation of 3D Secure protocol has enhanced security for online purchases resulting in consistent growth in the transaction volumes through this channel.
"The increasing penetration of smartphones in the market has led to more frequent use of smart payment solutions. RAKBANK has gone a step further and has enabled both the Samsung Pay and Apple Pay feature for its customers where they are also able to withdraw cash from the Bank's ATM network," Agarwal added. 
There are a multitude cards available, each with its unique rewards programme whereby a customer can select based on their specific needs and requirements. Agarwal advises that customers should essentially look for relevance of the reward currency as per one's lifestyle, such as cashback, reward points, miles, etc. alongside affinity towards the partner brand, such as football clubs, airlines, and the like. 
Experience, too, plays a role, where customers should look into the security features provided on the card, extent of technology used like provisioning capability on mobile wallets, and seamless e-commerce transactions, to name a few. Pricing, which involves annual fees, and service standards are also aspects clients should look into before zoning in on a desired card. 
"The use of analytics and new technology to provide bespoke offers and relevance to the card holders is bound to drive the customers' loyalty," he concluded. 
- farhana@khaleejtimes.com