ABU DHABI, 3rd September, 2020 (WAM) — Abu Dhabi Commercial Bank, ADCB, is launching UAE’s first virtual Point of Sale, POS, payment terminal, in partnership with Visa, the world’s leader in digital payments. ADCB PACE PAY facilitates card payments through the merchant’s smartphone, empowering traditionally cash-driven SMEs to continue doing business despite social distancing.
Developed by payment service provider Paysky Inc, ADCB PACE PAY is the only virtual POS available on both Android and IOS platforms. The app is compatible with all smartphones and tablets, eliminating the need to invest in a physical device. In addition to scanning a credit or debit card in-store, ADCB PACE PAY allows remote payments for home deliveries by generating payment links that can be shared via social media such as WhatsApp, Facebook Messenger, SMS and email.
The solution is pre-integrated into a payment gateway, making it easier for smaller merchants to transition to eCommerce without the long and expensive integration process. They simply need to login to start using ADCB PACE PAY. Having multiple users on the same account enables greater home delivery coverage. An interactive dashboard of all transactions encourages business owners to develop data-driven strategies to enhance their business.
Arup Mukhopadhyay, Head of Consumer Banking, ADCB says, “ADCB is delighted to partner with Visa to launch ADCB Pace Pay, an innovative app specially designed to equip small businesses across the UAE with digital payment infrastructure at zero cost per transaction. The current need for social distancing and minimum contact has accelerated the UAE’s journey to a cashless economy. However, the micro and SME community has faced several challenges as 50 percent of all payments in the UAE are still in cash. Committed to serving the needs of SMEs in the UAE, our virtual POS solution not only helps to include the small business community in the country’s digital transformation, but also provides them with business intelligence through the interactive dashboard.”
Shahebaz Khan, General Manager, UAE, Visa, said, “As businesses large and small continue to endure the financial impact of COVID-19, one thing is clear – the payment experience needs a reboot because consumers are increasingly demanding a digital-first experience. Our recent global Back to the Business study showed that because of the pandemic, 9 out of 10 consumers in the UAE have changed how they pay – they want to reduce their cash usage and will opt for online and contactless payments if available.” ”The launch of ADCB Pace Pay could not have come at a better time as we need to provide businesses with practical solutions that can help them address their customers’ preferences. ADCB Pace Pay is an extremely cost-efficient, convenient and safe way for merchants to immediately enable their existing Android or IOS phone to start accepting card payments and we’re very proud to work with a forward-thinking partner like ADCB to launch this truly innovative solution,” he added.