The partnership aims to further transition the UAE towards transforming into a cashless society.
The National Bank of Ras AlKhaimah (RAKBANK) partners up with Mastercard to offer secure and swift online payments to Small Medium Enterprises (SMEs). The partnership announced this week is a promising step towards technological innovation and long-term sustainability of small businesses in the United Arab Emirates.
Through this partnership, Mastercard powers up RAKBANK’s SME payment solution through its ‘Simplify Commerce’ tool, which allows business owners to maintain a strong digital presence and reach more consumers from regional and international markets. SME customers would be able to establish their own online store, receive online payments, manage invoices securely.
“The Simplify Commerce tool is in-line with RAKBANK’s goal of providing customers the digital support required to run an effective business in today’s digitally driven world. Innovation is aligned with our strategy for diversification,” says Frederic de Melker, Managing Director of Personal Banking at RAKBANK.
RAKBANK is one of the market leaders in the digital transformation of banking services ranging from digital wallets to contactless payments, this partnership may provide a more promising path towards sustainable innovation.
According to the UAE SME Council, the UAE’s economy heavily relies on the contribution of SMEs, where the sector is expected to contribute over 50% to the country’s GDP in 2019. “The Simplify Commerce tool is a seamless and innovative tool that will drive SME growth, and further transition the UAE towards transforming into a cashless society,” explains Girish Nanda, Country Manager of Mastercard UAE and Oman.
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