ADCB & Visa Transform Merchant Smartphones into Payment Terminals
ADCB PACE PAY enables small businesses to offer card and online payments without investing in physical POS payment devices
Abu Dhabi,: 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 smart phones 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.
Arup Mukhopadhyay Head -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 per cent 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.”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,“ said Shahebaz Khan, General Manager – UAE, Visa.[1] https://usa.visa.com/dam/VCOM/global/run-your-business/documents/visa-back-to-business-study.pdf