Digital payments democratised in UAE as Mercury Payments backs its payments-as-a-service offering

HG is using Oracle Bank Paymentsrunning on Oracle Cloud Infrastructure (OCI) to help democratize digital payments in the UAE.

and Oracle Bank PaymentsMercury can take advantage of digital payment post-pandemic landscape to create its unique offerings in the marketplace. Its payments-as-a-service offering facilitates and simplifies payments by connecting customers, banks, exchanges, government agencies and businesses. The product is designed to support the UAE Central Bank’s National Payments System Strategy (NPSS) instant payment platform.

“Mercury Payments Services was founded on a mission to democratize financial services. Our vision and strategy is to use state-of-the-art technology to provide all stakeholders with completely safe, secure and smart payments,” said Nihad NazirChief Digital and Technology Officer Mercury Payments.

“We are trying to provide payment services to the traditionally disenfranchised and unbanked population of the UAE. Now, we are expanding our solution to provide banks and exchanges with sophisticated platform-as-a-service offerings, leveraging Oracle’s banking expertise and Oracle’s cloud innovation in the region, including their recent data center launch in Abu Dhabi,” he continued.

In addition to using multiple solutions in Oracle Banking Payment Hub and OCI, Mercury recently went live with Oracle Fusion Cloud Enterprise Resource Planning (ERP) in just 15 days. As Mercury grows, it plans to continue its cloud-first adoption strategy.

“We continue to adopt new technologies to drive our unique business model focused on maximizing digital transformation,” noted guru raj Balakrishna, Mercury Payments, Chief Risk Officer. “Our partnership with Oracle on Payments-as-a-Service as part of a key NPSS initiative helps us achieve our goal of delivering customer-centric digital solutions.”

“The pandemic has become a mandatory feature forcing people to move from cash to more digital, contactless payments for safety and convenience – and consumers and businesses will never look back,” said Sonny Singer, Senior Vice President and General Manager of Oracle Financial Services. “Utilizing our proven payments solutions, and OCI’s scalability, security and performance, Mercury is able to rapidly realize its vision of bringing digital payments to institutions and people across the UAE.”

Oracle Banking Financial Services applications enable banks to provide customers with a complete suite of digital banking services. The portfolio includes digital cores and applications for retail and corporate banking, real-time payments and digital experiences.

Oracle Banking is built on a microservices architecture with over 3,000 open banking APIs, enabling fintech companies like Mercury Payments to easily “plug in” additional Oracle and third-party services when needed. It also provides a scalable cloud environment for growth through Oracle Cloud Infrastructure.