Etisalat and Noor Bank launch eWallet in UAE
Etisalat and Noor Bank have partnered to launch eWallet. The new digital payment service aimed at empowering UAE customers by having a speedy and accessible service. The eWallet service has been provided by fintech company Digital Financial Services.
Saleh Abdullah Al Abdooli, CEO, Etisalat Group, said: “Capitalising on the current digital wave, Etisalat has transitioned to an integrated ICT solutions provider by digitising consumer needs across our markets.”
“This is in line with the transformation of the telecoms industry, which has enabled consumers to adopt increasingly tech-savvy lifestyles, businesses to change the way they operate and deliver value, and governments to offer ever-smarter solutions on the route towards smart governments and cities. Our powerful digitally inspired vision ‘To Drive the Digital Future to empower societies’ has opened the doors of innovation by facilitating multiple modes of digital interaction that are customer centric and improve the overall experience,” he added.
The eWallet will register customers, both individual and corporate, allowing them to carry out merchant, bill and salary payments amongst many more.
“Mobile banking today has the potential to be a game-changer, rapidly gaining ground across the globe and opening up a new dimension for daily transactions undertaken by consumers. This new digital mobile service will usher in a new era of digital payments in the country, changing the very definition of service for both the telecom and banking sector.
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“This was made possible due to the continuous investments by Etisalat’s and Noor Bank’s infrastructure to enable a conducive ecosystem that is compliant, robust and flexible to provide a cashless future to all our customers,” Al Abdooli concluded.
Customers will be able to access their account from the all, understand their balance and make financial transfers.
John Iossifidis, CEO of Noor Bank, said: “Noor Bank is committed to championing a robust digital payments landscape in the UAE. The launch of the eWallet solution, in partnership with Etisalat, is well aligned to our strategy of innovation and digital transformation. This first-of-its-kind partnership aims to develop a comprehensive eco-system in the digital wallets space regulated by the Central Bank of the UAE.”
He added: “At Noor Bank, we pride ourselves on adopting collaborative business models that deliver greater value for our customers. We are pleased to partner with Etisalat to accelerate the use of fast, secure and convenient cashless payments across the nation through the eWallet.”
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG