Dubai: Network International, the leading payment solutions provider in the Middle East and Africa region, today announced that it has introduced ‘Easy Payment Plan,’ (EPP), a service which enables the customers of its bank clients to directly convert their one-time purchases into Equal Monthly Instalments (EMI) at partner Point of Sale (PoS) terminals.
Emirates NBD and Abu Dhabi Commercial Bank are the first two banks to offer Network International’s flexible payment solution to their credit card customers, especially for big ticket transactions.
The new service which will benefit cardholders, retailers and banks alike offers customers the convenience and flexibility of choosing their own payment plans. Upon credit card payment, customers simply have to select the EPP option on partner POS terminals followed by the tenure and will receive a receipt with the interest rate, EMI amount, tenure and processing fee stated.
Commenting on the announcement, Simon Haslam, Group CEO of Network International said: “Easy Payment Plan is a simple, seamless solution for cardholders looking for hassle-free payment options, particularly for larger purchases. The service requires minimal efforts from retailers and banks alike, and Network International is actively encouraging banks and merchant partners in the UAE to get on-board the new technology. With the flexibility of choosing their personalised EMI instantly at the point of transaction, we are optimistic that this service will increase larger ticket transactions and further the adoption of electronic payments in the UAE.”
“We are delighted to be among the first to offer our customers the EPP service which enhances their transition to cashless transactions,” added Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD. “Customers are always looking for smarter, seamless ways to shop and Network International’s EPP service enables us to offer our card customers a flexible payment solution that enhances their overall experience, while helping them better manage their budget.”
Commenting on the announcement, Abdul Shakeel, Head – Retail Banking at Abu Dhabi Commercial Bank (ADCB) said: ‘This facility provides our credit card customers with the convenience of instantly converting high value purchases into installment plans of flexible tenors, while completing their purchases in-store. To begin with, this new service is available with some of our selected key merchant partners and will gradually be extended to a large network of merchant partners.’
Today’s announcement is aligned with Network International’s mission to accelerate digital commerce in the region by adapting innovative technologies that offer easier, safer and secure payment transactions.
About Network International:
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA), servicing more than 70,000 merchants and 200 financial institutions across 55 countries. The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants including end-to-end consultancy ranging from planning and designing to developing of new card and consumer finance products and services. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt, Jordan, South Africa and Nigeria, with its corporate head office in Dubai. The company recently acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships that will increasingly see its influence spread across the region.
As the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East, Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. The company also launched a GCC-based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International is a Payment Card Industry Data Security Standard (PCI DSS) certified company.
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© Press Release 2017