Jumbo Electronics adopts smart payment solutions from PayBy, enhancing customer experience
- Smart, secure and hygienic, PayBy point of sale (POS) solutions are available at all Jumbo Electronics stores across the UAE
- Contactless transactions are predicted to surge to $1.47 trillion in the mobile POS payment channels in 2020
Dubai, 12 October, 2020: In response to growing consumer demand for contactless payment, innovativefintech enterprise PayBy has unveiled a suite of revolutionary point of sale (POS) payment solutions for the UAE retail sector. Several leading retailers have signed up, including the Middle East’s top OmniChannel electronics retailer Jumbo Electronics. Smart Code, PayBy’s QR code-based contactless payment solution for merchants, is now operational across all 15 Jumbo Electronics stores in the UAE.
For merchants, Smart Code is a cost-effective, lightweight acceptance infrastructure for digital payments. Buying and deploying POS machines or NFC technology is an expensive proposition that had deterred smaller merchants and SMEs from adopting digital payments. However, Smart Code eliminates this digital barrier. Merchants do not have to bear the cost of a device or pay a signup fee. Smart Code uses QR codes that can be easily and quickly set up, so businesses are efficiently on-boarded.
Small businesses, even those with POS machines, can integrate Smart Code to reach more customers without any capital expenditure. All they need to do is to apply to become PayBy merchant, and print out the PayBy Smart Code code and display it at the cashier.
Secure, smart and simple to use by shoppers, they can pay for goods and services using the PayBy app on their smartphones at merchant outlets. Jumbo customers simply scan the QR code displayed on the cashier counter in their PayBy app. After entering the bill amount, they confirm payment by entering their password or facial recognition. The contactless transaction is thus completed quickly and easily, without any exchange of cards or cash.
In the Covid-19 era, contactless payments have seen a surge in popularity. According to research from global market intelligence provider Statista, the value of contactless transactions is set to nearly double the digital payments business from $4.4 trillion in 2020 to $8.26 trillion in 2024. Of this $1.47 trillion worth of transactions will take place in the mobile point-of-sale (POS) payment channels in 2020. Digital mobile POS payment is expected to jump to $4.15 trillion by 2024. The number of users of mobile POS solutions is expected to surge to 1.74 billion by 2024.
Pankaj Kumar, Head of Jumbo OmniChannel Retail commented: “Jumbo Electronics has been consistently working through the pandemic to offer a unique experience for our customers. Contactless payment is faster, safer and the need of the hour, so our partnership with PayBy is another step to offer additional value to our customers. PayBy’s POS solution was easily and swiftly integrated with existing payment infrastructure. We look forward to seeing Smart Code from PayBy generating value for our customers.”
Supporting the UAE’s retail sector during a challenging time, PayBy has empowered merchants with customized solutions to suit their needs, grow their customer base and capture lost business opportunities. PayBy has customised payment solutions for different businesses – hypermarkets, baqala stores, restaurants and malls, as well as online retailers and retail apps. The POS solutions can be installed without any setup or monthly fees, and with lower transaction fees than existing solutions.
For instance, Abu Dhabi’s baqala stores have benefited from PayBy Smart POS devices that enable merchants to accept cash-In payments. PayBy’s QR Code-based contactless solutions are supporting UAE retail businesses as they transition to recovery in the wake of Covid-19.
PayBy is a fintech company with world-class payment infrastructure that provides a fast, secure, AI-powered, one-stop payment solution. The company is committed to offering unified and inclusive financial services for everyday work and life, connecting with people around the world. PayBy collaborates with a variety of leading institutions, enterprises, and e-commerce platforms, as trusted partners.
About Jumbo Electronics Co. Ltd (LLC):
Established in 1974, Jumbo Electronics Co. Ltd. is UAE’s leading distributor and retailer for IT and consumer electronics. Since its inception, Jumbo has been the chief distributor of the iconic brand, Sony, in the UAE and Oman. Jumbo offers quality, affordable consumer electronics from its private label brand, Supra. It has an extensive network of retail stores and service centres spread across the Emirates and a growing distribution and retail presence in Oman, Qatar, Bahrain and Kuwait.
In 2014, Jumbo Retail transitioned in to a fully OmniChannel retail brand, with the launch of its online store, www.jumbo.ae, showcasing the brand’s definitive retail expertise in local markets. The website features a number of never-before seen features in the region’s consumer electronics industry, including flexible delivery through the ‘Click & Collect’ service, Apple Pay, Curbside pick-up, instant instalment plans online, and other intuitive user experiences.