The payments company is accelerating the UAE’s shift to cashless.
The UAE is at the threshold of a payments revolution. A global pandemic and evolving consumer preferences are changing the way transactions are conducted. We speak to Salim Awan, Managing Director – Institutional Payment Solutions at Magnati, to find out where the UAE is on its digital transformation journey and what solutions are accelerating the shift to a cashless society.
How is Magnati delivering on its mission to transform payments into possibilities?
While the payments acceptance function used to be a source of cost for merchants, Magnati is turning that on its head. With the power of FAB’s expertise and infrastructure, Magnati delivers unparalleled value to our consumers, government entities, merchants and institutional clients.
Magnati offers market-leading merchant acquiring and processing solutions, as well as tailored provisions for government and consumer payments. The aim is to enable a seamless experience for our clients, allowing them to focus on their core business.
Complementing these services are our next-generation payment solutions that use cutting-edge technology to unlock the possibilities of profit, growth and customer excellence.
How are Magnati’s latest technologies supporting businesses?
Magnati aims to shape the future of payments by adapting the latest technologies with a co-creativeness and partnership approach.
We are proud of our ‘Super Surprises’ data monetization tool. Built on AI and machine learning, it generates customized offers for every unique card that interacts with Magnati’s payment ecosystem, resulting in increased sales and new customer footfall for merchants.
We help our customers build integrated payment platforms with open APIs. These can be customized to merchant needs, helping businesses reach millions of customers and elevating sales
What solutions does Magnati have for e-commerce businesses?
Magnati provides e-commerce solutions for all business segments, including government, services, retail, hospitality, F&B and healthcare, to name a few. Our platform also supports recurring payments, tokenization, batch processing, IVR integration, BNPL and Easy Payment Plan features, in addition to smart routing, Dynamic Currency Conversion, Pay-by-Link and multi-currency transaction processing capabilities that bring in additional revenue opportunities to clients.
A selling point of Magnati’s solution is our wide-ranging wallet acceptance capability, from Apple Pay, Samsung Pay and Google Pay, to FAB’s own pay it wallet. The APIs that Magnati provides seamlessly integrate across channels.
Where do you see the UAE’s digital payments ecosystem heading?
The future of payments in the UAE will be digital. Even before COVID-19, digital payments were soaring. According to McKinsey, the number of consumer digital payments transactions in the UAE grew at an annual rate of more than 9 percent from 2014-2019, with this number further boosted by the pandemic.
The benefits of digital payments are numerous. For governments, digitizing and improving the revenue collection process provides a seamless payment platform for their customers. For consumers, utilizing digital payments gives more visibility and control overspending.
With these myriad advantages, Magnati is partnering the government to accelerate the uptake of digital payments across the UAE. We built a customized platform in conjunction with the Abu Dhabi Digital Authority to enable all government payments through Abu Dhabi Pay. We also partnered with Ajman’s Department of Finance and Transport Authority to provide a variety of payment options for taxi fares, offering convenience, security, and efficiency, while minimizing COVID-19 exposure risk.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
About Author
