RFM Loyalty Co. reported that the average monthly volume of POS transactions grew by 45% in 2022 as compared to the previous year, crossing a record number of AED 1 billion+ per month. The spike in transaction volume was the product of recent normalization of cashless transactions, RFMs’ investment in technology and constant efforts to prioritize merchant relations and experience.
Post-January 2020, the world sought adaptation to a cashless society, creating a substantial surge in merchant’s requirements for digital payment acceptance in-stores. RFM Loyalty played its part in investing heavily in internal resources and talent during the economic downturn, and successfully captured a significant amount of the UAE market for PoS merchant acquiring. This proved to be a considerable growth for the firm as RFM recorded an increase of 30%+ in its merchant-base.
Iqbal Mahmood, Founder & CEO of RFM Loyalty Co. commented: “I am delighted with the milestone of RFM crossing AED 1 billion+ in transaction processing volume in a single month which is a direct result of consistent hard-work and dedication of our employees and partners. I am thankful to Magnati and First Abu Dhabi Bank for providing the opportunity to RFM to reach the distinction, and assure all our clients, stakeholders, and partners of our continued dedication and commitment in the future.” Salim Awan, MD Institutional Solutions at Magnati said: “We are proud to play a part in RFM Loyalty’s record success in the volume of POS transactions. As a leading payments and technology company, Magnati’s priority is to provide safe and innovative solutions and we look forward to unlocking further value for our partners.”
RFM Loyalty Co. was founded in 2002 as a loyalty and merchant acquiring company, our partnership with Magnati and First Abu Dhabi Bank is a cornerstone for POS merchant acquiring business. RFM has been consistently providing payment processing services and solutions to its customers for the last 12+ years and strives to meet the growing needs of the market. RFM Loyalty Co. currently owns and operates a network of 10,000+ POS terminals across UAE processing card payments and digital wallets. RFM has offices in Dubai, Abu Dhabi, and Ajman and provides end to end payment processing solutions to retails and businesses across UAE through our partner Magnati. Our group of companies are also present in Pakistan as ‘Integrated Payment Solutions’, and Singapore as ‘Integrated Loyalty Solutions’ for merchant acquiring.
Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing and acquiring processing. Magnati provides government, merchant and institutional clients with an intelligent payments platform that monetises data, using next generation technology to deliver improved
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experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities. Headquartered in Abu Dhabi, Magnati’s expertise and relationships provide a platform for Magnati to attract international partners, while setting a new standard for innovation and delivery in the payments industry.