IBS Journal May 2016
09
Emirates Islamic launches social banking
bank in the UAE to offer banking services on a social media platform. Savings, current account and credit card holders will be able to perform select transactions via Twitter, such as balance enquiries, viewing their last few transactions, and making enquiries about their accounts or credit cards. To maintain privacy and confidentiality, the bank will only respond to customer queries via a direct message.
E
Faisal Aqil, Deputy CEO, Consumer Wealth Management, Emirates Islamic, says: “The introduction of banking via Twitter reinforces our continued commitment to set new standards of innovation in Islamic finance. In support of Dubai’s vision of becoming a Smart City and a global hub of the Islamic economy, Emirates Islamic has taken the lead in creating modern banking solutions, centered on the time-tested values of Islamic finance. Banking via Twitter is
mirates Islamic has become the first Islamic
especially relevant given the UAE’s advanced social media and mobile phone penetration. With this new service, we are able to offer our growing customer base yet another quick and convenient method to access their banking requirements.”
Scott Thompson
Cash still king, but mobile ringing the changes
outstripped by contactless on mobile phones within the decade. A report on consumer behaviour and shopping trends issued by the convenience retailer, which has 2,800 stores and almost 12,000 contactless paypoints, reveals that 65% of all transactions are paid for with cash. However, contactless use is on the up (almost 11 million transactions in a month) as more bank cards with the technology come into use and following the launch of mobile payments services such as Apple Pay. By 2025, 65% of all transactions will be via mobile phone.
T
Cheryl Marshall, Retail Chief Information officer at The Co- op Food, says: “We’ve seen incredible growth in contactless and it is the payment medium of tomorrow, although mobiles are ringing the changes. The new technology is perfect for convenience stores as shoppers buy fewer items and speed is important to them. Cash is still king as people enjoy carrying money, however we predict that by 2025
he Co-operative Group says that cash will be
mobile payments will overtake cards and cash.”
A survey of 2,000 shoppers, however, showed a reluctance by some to jump onboard. Despite the spending limit being raised to £30 on contactless payments, many shoppers still opt to use the chip and PIN service for transactions over £10. Trust is the main barrier when making a more expensive purchase.
Scott Thompson
www.ibsintelligence.com
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