https://adgully.me/post/4805/noqodi-partners-with-napier-to-secure-digital-payments-in-the-uae

Noqodi partners with Napier to secure digital payments in the UAE

LONDON: Napier, the London-based financial crime compliance RegTech, is pleased to announce it has been selected as the anti-money laundering (AML) platform for noqodi, the leading Digital Wallet and Payments Solution based in the United Arab Emirates (UAE). Napier is providing its Transaction Monitoring, Client Screening, Client Risk Assessment and Client Activity Review solutions to noqodi, in order to further strengthen its commitment to supporting the government’s initiative to a secure, cashless, digital economy. Napier’s solutions will equip noqodi with:A sandbox environment to finetune and optimise screening configurations;API enabled, real-time and batch screening, supporting transliteration of 22 languages, AI fuzzy matching and secondary scoring capabilities;Real-time graphical analysis of customer behaviour to analyse anomalies;Configurable dashboards with no-code rule building and AI insights for efficient decision-making.The Middle East region is going into a tremendous period of digital payment adoption, with a 44 percent increase in digital payment volumes from small and medium enterprises (SMEs) in UAE alone in 2022. Supporting this is noqodi’s digital payment solution, which provides a unified and fully automated payments platform to send and receive money, integrated with partner merchants, banks and various government services for seamless transfers, now bolstered by NextGen monitoring and screening from Napier. noqodi is looking to stay ahead of the curve in financial crime prevention to remain compliant to the standards of the UAE’s central bank. Building on the announcement of the partnership between Napier and noqodi to fortify digital payments in the UAE, Zahi Kallab, General Manager of noqodi highlighted: "This partnership with Napier marks a significant milestone for noqodi in our journey towards revolutionizing digital payments in the UAE. Our commitment to innovation, security, and compliance aligns seamlessly with Napier's advanced solutions.Together, we aim to elevate the standards of financial crime prevention and contribute to the continuous growth and security of the digital economy in the region. This collaboration reinforces our dedication to providing a cutting-edge, secure, and compliant payments platform for our users, reflecting our strategic vision for the future of digital transactions in the UAE."Syed Zain Khalid, Risk and Compliance Manager at noqodi reiterated: “Partnering with Napier has given us the autonomy to configure and scale our payments platform securely in this exciting period of growth for the company. We look forward to the positive impact this partnership will have on strengthening our risk management framework, streamlining our compliance processes, and setting new benchmarks for industry best practices.” Greg Watson, Chief Executive Officer at Napier stated: “noqodi is changing the face of digital payments for the UAE. We’re proud to deliver our real-time, NextGen compliance solutions to support this and set a new standard of compliance excellence in UAE’s financial landscape.”
https://adgully.me/post/2382/amazon-payment-services-unlocks-gen-z-attitude-on-digital-payments

Amazon Payment Services unlocks Gen-Z attitude on digital payments

DUBAI:  Amazon Payment Services, a regional leader in digital payments across the Middle East and North Africa (MENA) region, shares research on the spending preferences of those born between 1997 and 2012, known as Generation Z (Gen Z). The white paper, “Understanding Generation Z,” compares the spending preferences of Gen Z with that of other generations, such as those born between 1981 and 1996, otherwise known as “millennials”, and discusses the influence of Gen Z as its spending power grows. Based on research conducted by Sixth Factor Consulting, and sponsored by Amazon Payment Services, insights from the research are provided in the second white paper published on the ‘re:Imagine Payments’ thought leadership forum, which aims to help merchants and those interested in digital payments gain knowledge about the space.Peter George, Managing Director for Amazon Payment Services in the Middle East and North Africa (MENA), said: “The Gen Z demographic has immense potential to drive future business growth for merchants, making it an important customer segment for businesses to secure. The analysis in this paper presents Gen Z’s attitudes toward digital payments covering also other relevant industry topics in MENA, can be used by merchants to connect effectively with this audience, in order to drive healthy, and sustainable growth.”The white paper presents research from surveying over 1,800 respondents across the United Arab Emirates (UAE), Saudi Arabia (KSA), and Egypt.George also said: “Earlier this year, we launched the ‘re:Imagine Payments’ forum to create a space for collaboration among existing and potential partners to engage, explore, and establish new solutions together. This white paper comes in line with our goal to share insights on industry trends across different audiences, promoting knowledge-sharing to support growth and innovation in the regional payments sector.”Merchants in the region can utilize the findings of the “Understanding Generation Z” white paper to explore this demographic’s preferences and underlying motivations, in order to authentically connect with Gen Z and secure future success, by delivering to their emerging needs.More than half of research respondents prefer paying digitallyGen Z members are tech-savvy, which impacts their attitude toward payments. Research showed this demographic prefers digital payment methods, with payment cards and mobile wallets being the most popular.Those surveyed said they thought Buy Now, Pay Later (BNPL) options are a convenient way to pay for big-ticket items. Zero interest, lack of paperwork, and lightening the pressure on the pocket are the reasons driving interest for this payment method among Generation Z.In all three countries, the vast majority of respondents were aware of peer-to-peer (P2P) transfer apps, with awareness as high as 92% in Egypt, driven by the early availability of the national Instant Payment Network. The majority of respondents across UAE, KSA and Egypt claim to have conducted a P2P transfer using an app or another method at least once.The research also found high awareness of in-app payments; however, respondents suggested that this method is competing with other commonly used payments methods, and that merchants should consider using discounts to steer more purchases toward mobile apps.One category of in-app payment that was welcomed by respondents was super apps. Respondents said that super apps, currently available in AE, were particularly convenient, leading to high awareness and take-up.Personalization over privacyGen Z members say they prioritize personalization over privacy. The study found that Gen Z is less concerned about data-sharing than previous generations, and they are willing to share their data if it provides them with a better shopping experience.One Gen Z survey respondent said: “I am aware cookies track down the websites I visit and target advertisement towards me as per my taste and choice. [But] I get relevant content on what would interest me, making my online experience more personalized.”Millennials who took the survey, however, expressed more concern about data-sharing. One millennial respondent said: “I am very careful and reluctant in sharing my data, I feel unsafe and prefer to only click on websites I know. Even on known websites, I do not share my information.”Underlying motivations driving behaviourTo successfully reach Gen Z, businesses must understand not only their quantifiable behaviors but more importantly their underlying motivations.As the first generation of digital natives, Gen Z have never known a world without smartphones and the internet, unlike the digital immigrants who preceded them.This has exposed Gen Z to various global issues very early in life due to their behavior as heavy users of social media, embedding a deep sense of social responsibility which shows up in their choice of brands and workplaces. To gain favor with Gen Z, businesses must understand their values and priorities and develop a matching corporate social responsibility strategy.Gen Z is also one of the most entrepreneurial generations, especially in the Middle East. This entrepreneurial mindset is motivated by the underlying desire for financial independence.As a result, offering loyalty programs and reward schemes that emphasize affordability, and showcasing financial planning as an attractor to newer payment methods will be beneficial for businesses targeting Gen Z.In order to effectively target Gen Z, businesses need to understand this demographic. “Understanding Generation Z” delivers insights into the way Gen Z thinks. This will help businesses build their businesses in a way that appeals to this unique, complex, and dynamic generation and seize future opportunities.
https://adgully.me/post/2092/visa-names-tarek-abdalla-as-chief-marketing-officer

Visa names Tarek Abdalla as Chief Marketing Officer

Dubai: Visa announced today the appointment of Tarek Abdalla as Senior Vice President and Chief Marketing Officer for Central and Eastern Europe, Middle East, and Africa (CEMEA). He started his position on May 2nd.Based in Dubai and reporting to Frank Cooper III, Visa’s global Chief Marketing Officer, Tarek will help Visa expand and grow its presence across the CEMEA region, driving demand for Visa’s products, services, and solutions, amplifying Visa’s purpose through campaigns and activations and delivering value through our global sponsorships.“Tarek joins at an exciting time when clients have never been more engaged and connected with Visa as a brand and an essential service provider that both enables and empowers their everyday lives and businesses,” said Andrew Torre, Regional President for CEMEA, Visa.Tarek brings Visa a wealth of industry experience gained over more than two decades, having worked previously as General Manager for the Middle East, Africa, and South Asia at TikTok, where he successfully led teams in nine regional offices, delivering user growth, profitability, and commercialization targets for the platform through a dynamic mix of content strategy, marketing, and partnerships.Prior to this, Tarek spent a decade with Google, rising to the role of Regional Marketing Director, leading marketing teams across emerging markets in Europe, Middle East, and Africa.“I’m excited to be joining Visa, the world leader in digital payments and one of the most trusted brands,” said Tarek. “I look forward bringing Visa’s purpose to life, uplifting everyone everywhere by being the best way to pay and be paid.”Tarek holds an MBA from Sheffield Business School, a postgraduate diploma from the International Advertising Association, and a bachelor’s degree with honors from the American University in Cairo. Married with two children, Tarek is an avid reader, keen traveler and a fan of motorsports.