Mercury Payments regularize digital payments in the UAE with Oracle Cloud

Mercury is allied with Oracle Cloud to help regularize digital payments in UAE by using Oracle Banking Payments.

Mercury is now able to invest in changes in the digital payments terrain in this post-pandemic period. With the help of Oracle Banking Payments, it can create its unique contribution to the market. The contribution was created to support the Instant Payment Platform for the UAE Central Bank National Payment Systems Strategy (NPSS).

Nihad Nazir, chief digital and technology officer, of Mercury Payments, said that Mercury Payments Services Was constructed by keeping in mind the mission to democratize financial services. The vision and strategy were to make payments completely safe, secure, and smart for all our stakeholders by utilizing the most developed technologies

He added that they wanted to provide payment services to the UAE’s traditionally disenfranchised, unbanked populace. So they are now expanding the solutions with an intricate Platform-as-a-service contribution for banks and exchange houses that makes most of Oracle’s banking expertise and Oracle cloud innovations in the region, including their recent data centre launch in Abu Dhabi.

Furthermore, by using several solutions in the Oracle Banking Payment Hub and OCI, Mercury also just went live with Oracle Fusion Cloud Enterprise Resource Planning (ERP) in just 15 days. With Mercury’s evolution, it plans to continue its cloud-first application strategy.

Gururaj Balakrishna, Mercury Payments, Chief Risk Officer said that they are frequently adopting new technologies to stimulate unique business models that have a sole focus on maximizing digital transformation.

He said that their partnership with Oracle on Payments-as-a-Service, as part of the critical NPSS initiative, helps to achieve the purpose of providing customer-centric digital solutions.

Sonny Singh, senior vice president and general manager of Oracle Financial Services said that due to the pandemic people were more inclined towards using digital and contactless payments for their comfort and safety and now that the consumers and business have got the comfort they are never going back.

ABOUT ORACLE BANKING SYSTEM

Oracle Banking Platform is a componentized solution constructed as an aboriginal service-oriented architecture (SOA) platform, in order to help banks to  transform their business models by streamlining and automating business processes; by adopting new distribution strategies and implementing main enterprise services.

ABOUT MERCURY PAYMENT SYSTEM

Mercury Payment Systems is an integrated transaction processing company developed to improve point-of-sale systems by offering credit, debit, check, gift card, and loyalty processing. Its integrated dial-up or an Internet protocol (IP) prosing solutions are fast, reliable, and affordable. It provides issuers with a large variety of prepaid cards that cardholders can use for various purposes. It supports several forms of payments like shopping, salary credit, gifting, charity or travelling. Mercury also provides a range of loyalty solutions to support prepaid card programs.