Dubai bank opens an e-mall to bridge cash gap

UAE consumers often pay for Internet purchases via cash, and Dubai-based bank Emirates NBD aims to bridge that gap with its own e-commerce site to drive more transactions through its payments platform.

The online mall SkyShopper launched this month, enabling Emirates NBD’s credit and debit card customers to make purchases from retailers through a single portal using a consolidated checkout process, the bank said in a May 26 press release.

Duncan Chard/Bloomberg

The site connects to local and international retailers and enables local delivery of purchases through sites including U.S.-based MyUS.com and India-based My Smart Price, according to the bank. SkyShopper supports broad merchandise from airline tickets and luxury items to exclusive deals and promotions.

E-commerce transaction volume in the UAE is on track to double by 2020, Emirates NBD said in the release.

“Despite its rapid growth, the UAE’s e-commerce sector continues to be based largely on cash on delivery (of merchandise),” added Suvo Sarkar, Emirates NBD’s senior executive vice president and group head for retail banking and wealth management.