The Ras Al Khaimah Economic Zone ( RAKEZ ) has partnered UAE-based fintech noqodi to implement a series of digital payment solutions for businesses. Through this partnership, businesses operating in the economic zone will now receive access to e-wallet options and various payment solutions.

For instance, clients will be able to receive money without technical integration, send money directly to their preferred channels, schedule regular payouts, use noqodi’s point-of-sale terminals, and manage all of these activities on a personal dashboard. This digital solution also enables businesses to obtain a virtual IBAN to top up their wallet, which is a UAE first according to wow-rak. com.

RAKEZ representatives cited by the same source emphasised the group’s commitment to providing continuous support for their clients by offering access to innovative digital solutions that simplify their daily business operations. Noqodi representatives stated that they were pleased to offer their payment services such as wallet payment, online gateway, QR Code, and Buy Now Pay Later to licensed merchants working with RAKEZ. Noqodi partnered Mastercard In September 2022, noqodi partnered with Mastercard to allow consumers to make contactless payments for select government and private sector services.

The partnership enabled noqodi’s digital omnichannel payments such as Tap on Phone to be powered by Mastercard Payment Gateway Services (MPGS). Owned by the emaratech Group, noqodi promotes a cashless society by providing fully automated payment services to merchants. Emaratech oversees thousands of daily transactions, and it automates several administrative processes such as visa and national ID issuance.

The partnership improved noqodi’s payment capabilities by integrating its global payment gateway technology for businesses of all sizes, partners, and acquirers. A quick look at digital payments in the UAE According to fintechnews. ae, the use of digital payments in the UAE is increasing while cash transactions are declining.

The same source indicates that 29% of consumers in the UAE used less cash in the past year. Moreover, 66% of UAE users (compared to 61% globally) increased their use of at least one digital payment method in the last year. These include SMS payments, digital cards, digital money transfer apps, and instant payment solutions.

Mastercard’s New Payments Index 2022 reports that 88% of people in the UAE have used at least one emerging payment method in the last year. Of these, 39% used tappable smartphone mobile wallets, 29% used BNPL, 20% used cryptocurrency, and 18% used a payment-enabled wearable tech device. Consumers are also making purchases in increasingly diverse ways as they rely more on voice assistants and social media apps.

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