Emirates NBD sees a sharp rise in contactless payments

By Rahul Vaimal, Associate Editor
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Emirates NBD
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Dubai-based government-owned financial institution Emirates NBD has reportedly seen contactless payments represent for as much as 84 percent of all face-to-face card payment transactions, as consumers and merchants adopt safer, non-contact methods to make transactions. 

A front-runner in digital banking, Emirates NBD’s contactless payment transactions which include contactless cards and mobile wallet-based payments rose by 59 percent year-on-year (y-o-y) last year.

Contact-less transactions through mobile wallet-based payment services such as Apple Pay, Samsung Pay, and Google Pay more than doubled during the same period while card tap and go-based payments increased by about half.

Adoption of payment methods that used personal devices such as Garmin and Fitbit smartwatches and health trackers to complete the transactions were also on the high among Emirates NBD customers.

Reiterating the positive customer sentiment and comfort in using contactless payment options for larger ticket purchases, the share of contactless payments of the total value transacted also has doubled.

There was also a significant increase in e-commerce transactions, which reported close to a 25 percent rise when compared to the previous year.

Sharing his insights about the significant rise in contactless transactions and higher customer sentiments on the various safe payment methods, Mr. Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking and Wealth Management at Emirates NBD remarked that “Emirates NBD has been an early mover in enabling a wide range of contactless card and mobile wallet-based payment options for our clients and we remain committed to providing safe, secure, and frictionless payment experiences for our customers.”

Related: Global eCommerce to grow and reach $1.4tn by 2025; Euromonitor