For tech companies, new payment types such as QR code payments and Request to Pay, which provide easy, efficient and rapid enabling of transactions, will be the norm in the future.
Another payment milestone is ISO 20022, a flexible standard for financial messages, with HSBC one of the leading banks in the region driving the transformation over the next several years.
The new standard aims to deliver a better customer experience by enabling less manual intervention, more accurate compliance processes, higher resilience and improved fraud prevention measures.
With instant funds settlement, Real-Time Payments (RTP) have the potential to improve the payments experience and reduce transaction risk. This game changer in the payment space will also enable direct payments to be made to mobile or ID numbers.
“For tech companies, especially those in the e-commerce business, a seamless client experience will be a priority. RTP will provide such an experience as well as improved client confidence in cases like instant refunds,” says Ahanjit Champati, Director & Head of Payments, MENA, at HSBC.
To accelerate the transformation to real-time digital payments, the UAE central bank began implementing a National Payment Systems Strategy (NPSS) in 2021.