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The United Arab Emirates payment market and its specifics: An interview with Nimish Dwivedi
Journal of Payments Strategy & Systems,
9
(4),
213-219
(2016)
Abstract
With over 15 mainline card issuers catering to a bankable population of 3.5–4 Million, the United Arab Emirates ( UAE) is one of the most competitive and fastest-growing markets in the region. Mashreq is one of UAE’s leading financial institutions with a large and growing retail presence in the region including the UAE, Egypt, Qatar, Kuwait and Bahrain. It is also a very vibrant and tech-savvy market, with high broadband and smart-phone penetration levels, and one in which new product launches, proposition revamps, co-branded alliances and alternative payment mechanisms, such as mobile wallets and direct debit platforms, are becoming increasingly popular. The key challenge for most players is gaining wallet-share and driving relationship profitability, hence most large issuers and acquirers are also investing heavily in mainstream media. In this interview, Nimish Dwivedi, Head of Payments at Mashreq, explains how Mashreq is using its deep understanding of and insight into customer and market needs, allowing them to release best-in-class products and solutions.
Keywords: United Arab Emirates; Mashreq; retail payments; debit cards; credit cards; cash-to-card conversion; NFC payments
The full article is available to subscribers to the journal.
Author's Biography
Nimish Dwivedi is Regional Business Head of Payments at Mashreq. He is responsible for making Mashreq among the top three issuers and top two acquirers through relevant product-centric innovation, including the Smart Saver Cash Back card, the Solitaire Card, the Smiles Card, Tap N Go and Payport-mobile POS. Nimish has spent over 20 years in consumer banking building robust businesses across geographies and cultures. Prior to joining Mashreq, Nimish was the Regional Head of Marketing for PayPal, based in Singapore, with a remit covering Japan, Greater China, South-East Asia, India and Australia. Before PayPal Nimish was the PL Business Head for Standard Chartered in Hong Kong’s market where he took Standard Chartered to the number two position in terms of market share based on receivables. At CitiFinancial Japan, his achievements included revitalisation of the Woman’s segment finance product and the launch of the mobile acquisition channel.
Diederik Bruggink is Managing Director of Bruggink Consultancy and is an independent international expert in cards, payments, and market infrastructures. During his career, he has led and worked on several international and high-visibility projects, mainly with a focus on cashless payments, across the whole payments value chain, from (e-commerce) merchant acquisition through to issuing banks and within card switching and card processing organisations. He was one of the key authors of the first three editions of the ‘World Payments Report’, and he makes regular appearances on conferences in the cards and payments industry. He is a member of the Editorial Board of the Journal of Payments Strategy & Systems.
