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Noor Bank and UB QFPay Release Innovative Mobile Wallet Acceptance Solution in UAE

Dubai-UAE: 17 January, 2018 – Noor Bank, a leading Shari’a compliant Bank in the UAE, announced today that it has collaborated with UB QFPay, the joint venture between Dubai-based United Brands (UBPAY) and China-based QFPay, to bring a new and innovative mobile payment solution to the UAE. The solution, a first of its kind in the region, will enable tourists as well as overseas visitors to make payments at retail outlets in the UAE using multiple international mobile wallets from various markets. Noor Bank will handle all transaction settlements for the solution as part of its collaboration.

As part of the initiative, UB QFPay will allow retail outlets within the UAE to accept secure payments from tourists who wish to pay for their purchases from their preferred mobile wallets. UBPAY is currently live at a number of retailers in the UAE that are frequented by Chinese tourists.

Speaking about the partnership, John Iossifidis, CEO, Noor Bank said, “I am proud of the collaborative efforts between UB QFPay and our Global Transaction Services (GTS) team to introduce a new payment solution in the market. As an innovative and ground-breaking service, the solution will allow overseas visitors to use international mobile wallets for the purchase of goods and services in UAE, for the first time. This partnership is well aligned to the strategic focus of the bank on delivering an enhanced customer experience through digital transformation.”

On his part, Mr. Ahmed Alrafi, Managing Director, UB QFPay said, “Chinese tourists are a huge segment for retailers in the UAE, who have focused on attracting more Chinese shoppers to their stores and UB QFPay makes them ‘China Ready’ by allowing Chinese tourists to pay with their preferred mode of payment. This is only the start for us, as we add acceptance of more wallets to UB QFPay in the coming months.”