The white-label solution Emirates Pay was created in collaboration with International Air Transport Association (IATA) and Deutsche Bank in Germany, according to an announcement on the firm’s website today. Emirates Pay is now accessible to Emirates customers in Germany and the United Kingdom who purchase tickets on the airline’s website. The new payments solution meets customer demand for more secure and frictionless payment alternatives, such as account-to-account payments that do not require a card.
How Emirates Pay works
Emirates Pay is an alternative solution for travelers to pay for online airline tickets by debiting their bank account. It operates based on real-time payments and Open Banking or Request-to-Pay systems. With this innovative approach, the airline sends the essential account and payment information, and customers confirm payment initiation using their online or mobile banking. Christof Hofmann, global head of Corporate & Payment Solutions at Deutsche Bank, expressed: For airlines, the new payments solution provides a cost-effective payment option with shorter settlement times, resulting in increased airline liquidity and decreased payment fraud. Recently, the Emirates Group reported a $6 billion (AED22.1 billion) deficit for the fiscal year ended March 31, compared to an AED1.7 billion profit the previous year in June. Revenues for the fiscal year totaled $9.7 billion, a 66% decrease from the same period last year. [robinhood]
