By Neil Halligan
Cardholders would be able to get cash from supermarkets and other retail outlets instead of ATMs
Emirates NBD, through its subsidiary Network International, plans to launch a cash-back service similar to what is currently available in Europe and elsewhere around the world.
Network International, which provides the network for 60 percent of the merchants in the UAE to process payments for the various debit and credit cards, is looking to roll out a the service through its point of sales terminals in shops and restaurants across the UAE.
Speaking to Arabian Business, Shayne Nelson, Emirates NBD CEO, said they are keen to roll out the service in the near future.
“In Europe in most places with FPOS - the point of sales terminals - you can get cash out. We haven't got that product here and certainly that's one of the products that we will be pushing as we go forward, through our subsidiary Network International,” said Nelson.
“For us, making people go to ATMs or tellers to get cash, when they could get it at the shopping centre as they check-out - it's convenience.”
The Australian banker, who took over as CEO of Dubai’s biggest bank just over a year ago, said the UAE also needs to move away from the cash-cheque mindset in the UAE.
“One of the things I think that the UAE banking system and the central bank needs to work on is the amount of cash that people use in the UAE is very high against just about everywhere in the world. The amount of cheques that people use is unbelievably high against the rest of the world.
“We have a very cash-cheque mindset within the UAE of how we do business, whether it be SMEs, corporate or individuals. There’s a very big mindset there and we need to change that. It's actually not good for the economy to just be using cash and cheques. Electronic is far more efficient,” Nelson said.
Be very careful of this issue. In the UK there is a big scam where cashiers do not ask a client if they want cash back but add it to the bill anyway in the hope the customer will not notice, then they pocket the cash themselves.