Fintech, Finance, Technology, Banking Highlights – 1 May 2018
UnionPay comes to the UAE
In line with global trends and in support of the UAE’s smart nation drive, UnionPay International and Network International, the leading payment solutions provider in the Middle East and Africa, have extended their partnership to include online and contactless (NFC) payments across the country.
UnionPay card customers in the UAE can now make purchases via UPOP (UnionPay Online Payment) at over 500 online merchants of Network International, the UAE’s largest merchant acquirer.
The companies have also collaborated on QuickPass, a secure, efficient and fast contactless payment service by UnionPay, in the UAE, substantially expanding QuickPass’ acceptance reach in the country. The partnership enables UnionPay cardholders to conduct contactless payments on all Network International POS terminals using their NFC-enabled chip cards or smartphones. Network International operates one of the largest NFC-equipped POS terminal networks in the UAE and QuickPass acceptance across all 65,000+ Network International terminals is set to be completed during 2018.
While cash payments still dominate in the UAE, the country is witnessing a transition to electronic payment methods, led by UAE government initiatives to offer citizens and residents innovative digital payment options. Near Field Communication (NFC) technology is among the latest payment solutions being adopted by financial institutions in the region enabling customers to conduct contactless transactions via cards or mobile phones.
“NFC and e-commerce transactions are rapidly picking up momentum in the UAE as customer confidence in the technology grows and smartphone manufacturers and banks are offering more contactless and online payment services in the market. We are also seeing a push at a government level as the nation hopes to achieve Smart City goals which include reduced cash transactions. This has resulted in a remarkable increase of contactless and online transactions this year and, with the expansion of QuickPass and UPOP in the UAE, we expect the numbers to increase further,” said Han Wang, General Manager, UnionPay International Middle East.
Food chain pod goes paperless with Flux digital receipts and loyalty trial
pod, the healthy food-to-go chain, today announces the launch of a three-month trial of Flux digital loyalty cards and paperless receipts across all of its London stores. pod customers paying with cards issued by Flux partner banks who have opted-in to Flux, will receive digital loyalty and receipts directly into their banking apps.
pod is discontinuing its paper loyalty cards and introducing an exclusive ‘Buy-5-get-1-free’ loyalty offer on scrambled eggs to Flux customers. This is part of pod’s ongoing commitment to sustainability and eliminating the risk of fraud associated with paper-based loyalty. For each portion of scrambled eggs purchased with their normal bank card, Flux customers collect a digital stamp within their mobile banking app. Flux will recognise when the customer’s loyalty card is full, and when the customer purchases again, Flux will deliver them a loyalty cashback reward on behalf of pod.
With more than £4.5 billion worth of unused loyalty points being held by an estimated 10.3 million UK consumers and more than 11 billion receipts printed in the country each year, at a cost to retailers of £32 million, Flux promises to revolutionise the loyalty and transaction process for retailers, their staff and customers.
EVO payments files for IPO
EVO Payments International (the “Company” or “EVO”), a payment service provider operating throughout North America and Europe, announced today that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission.
The Form S-1 relates to a proposed initial public offering of the Class A common stock of EVO Payments, Inc., an entity that, following a series of reorganization transactions, will become the parent and sole managing member of the Company. The number of shares of Class A common stock to be sold and the price range for the proposed initial public offering have not yet been determined. EVO intends to list its Class A common stock on the NASDAQ Global Select Market under the ticker symbol “EVOP.”
