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RAKBANK a pioneer in safe, contactless payments

Paying without touching any surface seems more sensible than ever. But what are the emerging payment trends in 2020? Will mobile payments be the new norm? Are we headed for a cashless society? How RAKBANK is leading the way in providing safe, contactless payment solutions? Frederic de Melker, Managing Director of Personal Banking at RAKBANK, tells us more

"The current environment has led to a radical change in customer behaviour and expectations for making and receiving payments. Payments are still essential for daily needs like groceries, medicines, school fees, etc. RAKBANK has enabled a paradigm shift to contactless and other digital forms of payments that are safe and hygienic," said Frederic de Melker.
According to him, following are the future trends in contactless and digital payments across the UAE.
Contactless and mobile payments using NFC: Contactless payments using a card or a mobile wallet have been around for a while now. But 2020 will mark the start of a new era as it will be the preferred mode of payments. Eventually, contactless payments will become the new payment habit even after the virus-related safety norms are relaxed.

RAKBANK customers can pay using any of the five leading mobile wallets - Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay. This positions RAKBANK as a front-runner in the UAE to offer contactless payments across all leading platforms.

MobileCash is another innovation where RAKBANK has leveraged the contactless technology. Customers can withdraw cash at over 170 contactless-enabled RAKBANK ATM machines using a mobile wallet. No need to carry your debit card.
Peer-to-peer transfer using social media: Payments use social media platforms to make exchanging money as simple as clicking a button. The money is transferred instantly between the connected accounts. SocialPay was launched by RAKBANK in 2019 as a feature with the FC Barcelona Prepaid Card designed for the Gen Z and the Millennials. The card is available as a physical card and a virtual card loaded with exclusive FC Barcelona-related benefits.
Instant money transfers, anywhere, anytime: Given the very high percentage of expats living in the UAE, the money transfer will continue to be an important service in the times to come. Money transfer executed in real-time, 24/7, 365 days a year is the new norm.
With RAKMoneyTransfer, you can remit money from the safety of your home using RAKBANK Digital Banking or RAKBANK Mobile Banking app. Through its strategic alliance with leading banks in India, Sri Lanka, Philippines, Nepal, Pakistan, Bangladesh, and 24 European countries, RAKMoneyTransfer offers instant remittance (within 60 seconds to India) at competitive exchange rates.
E-commerce for small businesses: With the challenges facing small businesses in the current situation, managing cashflows will be crucial for sustaining the business. RAKBANK launched SIMPLIFY to empower small businesses like laundry shop, mom and pop grocery store, etc. to have an eCommerce website. Through the website, they can generate instant invoices that can be sent to the clients via e-mail or SMS. They can receive payments instantly online and track receivables.
Digital disruption through fintech: While there has been notable innovation in the edutech field, the payment solutions used by the education institutions are still traditional. In 2020, we see the launch of solutions that will marry edutech and fintech to enhance both schools' and parents' experience.

One such digital disruption is Skiply powered by RAKBANK. It's a free app that the parents can use to pay school fees. The payments are 100 per cent secure and the good news is that parents can pay with any card from any bank or with a mobile wallet.

For the schools, Skiply offers a digital payments ecosystem that integrates with the existing financial management software and links to the school's existing bank accounts. Skiply helps schools manage fees collection and reduces admin staff time and cost. Currently, over 80 schools are accepting payments through Skiply and this number is increasing by the day.
While RAKBANK digital platforms facilitate contactless and quick payments, we have pushed the boundaries of digital innovations to offer online purchase of gold. With the RAKBANK Gold Account, you can buy gold from the comfort and safety of your home. You can start with as little as one gramme.

With the full suite of digital platforms offered by RAKBANK, there has never been a better time to go contactless for safe and hygienic payments.