RAKBANK has partnered with Mastercard in an effort to provide Small Medium Enterprises (SMEs) with secure, swift and easy online payments. The partnership, which was announced on 16 September 2019, is a positive step towards technological innovation and long-term sustainability of small businesses in the UAE.
With Mastercard now powering up the RAKBANK’s SME payment solution through its Simplify Commerce tool, business owners would be able to maintain a strong online presence and reach more consumers, including those from international markets. SME customers would be able to create online stores, accept online payments, manage invoices and secure themselves from fraud.
While discussing this partnership, representatives from both RAKBANK and Mastercard stressed upon the importance of digital banking support for running an effective business. Frederic de Melker, Managing Director of Personal Banking at RAKBANK, mentioned that, 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. RAKBANK is a market leader in the digital transformation of banking services. From digital wallets and contactless payments to instant remittances; innovation is aligned with our strategy for diversification.
The UAE economy relies heavily on the contribution of SMEs and according to the UAE SME Council, and the SME sector is expected to contribute over 50% to the country’s GDP in 2019. Partnerships such as the one with RAKBANK and Mastercard will surely raise these numbers.
Whilst talking about strong growth prospects for SMEs due to Mastercard, Girish Nanda, Country Manager – UAE & Oman, Mastercard said: “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.”