7 ways Magnati is transforming payments in the UAE

Without an effective and efficient payment system, the wheels of commerce and industry will inevitably come to a standstill. Conversely, if done well, payments can transform businesses, sectors, and entire regions while delivering superior value to consumers.

Magnati, the wholly owned payments subsidiary of First Abu Dhabi Bank (FAB), is leading the digital payments landscape in the UAE, setting a new standard for innovation and delivery. In 2020, despite the pandemic, the company increased volume growth, served over 30,000 merchants, issued more than two million prepaid cards and processed a transaction value of around $ 18 billion. It grew to become the market leader in government payments, merchant acquiring, prepaid cards and the growing e-commerce segment.

Ramana Kumar, CEO of Magnati, points out that technology has influenced every industry and the payments sector is no exception. The availability of digital platforms such as smartphones, tablets and mobile applications means that customer expectations of the way they do business with companies have irrevocably changed. “People now judge everything by the quality and speed of their experience,” he says. “They demand instant and seamless service in all walks of life, including payments.”

To achieve this new normal in payments, Magnati is leveraging the size and expertise of FAB – along with the latest technologies like artificial intelligence, machine learning, and APIs – to turn payments into opportunities. Here are seven ways it has changed payments in the region.

Magnati offers a range of bespoke industry-specific solutions to make payments seamless and provide a better experience for merchants and customers in diverse areas such as government services, healthcare, education, real estate, hospitality, F&B, retail, and even parking solutions in both attended and unattended environments. It has a single API that facilitates integration, reduces costs and hassle, and supports a company’s efforts to increase the speed to market.

Magnati’s platform provides card and electronic payment acceptance services for various government agencies in the UAE – for both online and point of sale (POS) payments. The list includes ADPay and eDirham. It also supports intelligent routing, dynamic currency conversion (DCC) and processing functions for transactions in multiple currencies, giving merchants additional revenue opportunities. Plus, it accepts all types of wallets including Apple Pay, Samsung Pay, Google Pay, along with FAB’s own and increasingly popular Payit wallet. This support can be extended to wallets such as AliPay and EDW. The APIs provided by Magnati seamlessly integrate websites, mobile apps, IVR systems and customer support centers.

The Magnati platform supports recurring payments, tokenization, batch processing, Buy Now Pay Later (BNPL) and Easy Payment Plan (EPP) innovations. For e-commerce, it also offers a secure pay-by-link payment channel that generates a link that is sent by email or SMS. Consumers can pay for goods and services by simply clicking the link that directs them to a secure payment page. Currently, IKEA, Toys R Us, Al Futtaim Watches and Muddha.com have implemented BNPL, while IKEA has also chosen EPP. In addition, Magnati has commissioned other important dealers to expand the BNPL and EPP offerings.

Organizations typically juggle multiple backend systems to meet their business needs. This is both tedious and expensive. Magnati has solved the challenges by providing a single integrated digital solution that offers end-to-end transparency. Instead of requiring heavy CAPEX investments in various software and hardware, it offers a single, affordable subscription model that covers all needs.

Called Business in a Box, the platform offers a full suite of applications and functions that every business needs, helping them to be cost-effective and agile. The solution can enable a comprehensive list of features such as: B. Multiple payment channels – including cash, card, QR code and credit – discount modules, offline sales registration and synchronization, order history and reprint, purchase and inventory management, customer credit module, store spend tracking, incident management, supplier configuration, reports and dashboards.

Magnati Super Surprises is an AI tool that provides deep insights into customer behavior and enables companies to increase sales or customer traffic by leveraging these insights. It analyzes the spending behavior of every single card that was used in Magnati’s payment ecosystem. This helps merchants create personalized offers, campaigns and discounts for each customer, which in turn increases engagement and repeat sales. Retailers also save expensive marketing activities that they might otherwise have to tackle in order to increase customer loyalty and sales.

Magnati’s payment as a platform for retailers can be integrated into various loyalty programs, and customers can redeem their points at the retailer’s POS terminals or e-commerce websites. The platform merges loyalty programs into a single layer of service. Merchants can connect to this secure payment platform using Magnati’s only API-driven integration and access the full range of integrated payment services. Magnati enables everyone, from SMEs to large companies, to accept smooth payments in business, mobile and online, and to connect to various loyalty platforms.

As a PCIDSS-certified company, Magnati takes data security and data protection very seriously. All front-end card acceptors, data communication networks and messaging are encrypted using the latest data security standards. It also adopts, improves and updates new standards according to card systems, local regulations, and regional and global standards.

No wonder that Magnati is shaping the future of payment transactions in the region and helping companies seize new opportunities in the digital economy.

For more information, visit Magnati.com