Latest news with #Magnati
Zawya
27-05-2025
- Business
- Zawya
Paytm appoints Ramana Kumar as CEO for Middle East business
DELHI NCR, India--(BUSINESS WIRE/AETOSWire)-- Paytm (One97 Communications Limited), India's leading payments and financial services distribution company and pioneer of mobile payments, QR codes and Soundbox, today announced the appointment of Mr. Ramana Kumar as Chief Executive Officer for its Middle East business. He brings over 20 years of leadership experience in the fintech, payments, and banking sectors along with deep expertise in driving innovation and business growth in financial services. Before joining Paytm, Mr. Kumar was the founding CEO of Magnati, a leading payments company in the United Arab Emirates (UAE) and a subsidiary of First Abu Dhabi Bank (FAB), where he led key initiatives to modernize payment systems and drive business growth. He also served as Executive Vice President at FAB, overseeing the bank's payments and digital banking businesses. Prior to that, he was Managing Director and Head of Global Transaction Banking – Product and Business Management at the National Bank of Abu Dhabi (NBAD), where he played a key role in developing digital banking and payment solutions. Over the years, Mr. Kumar has built a strong reputation for creating scalable, innovative, and secure payment solutions. Mr. Kumar will lead Paytm's expansion in the UAE and the broader Middle East, focusing on developing digital payment solutions tailored to local needs. He will leverage the company's proven technology and expertise as a pioneer of mobile payments and payment devices in India to drive regional growth. His appointment marks a key step in Paytm's journey to bring its digital financial services to new international markets. Vijay Shekhar Sharma, Founder & CEO - Paytm said, 'We welcome Ramana, who has built a formidable merchant payments business in the UAE. We aim to serve the region by building and bringing strong regional leadership, backed by our proven technology.' Mr. Ramana Kumar, Chief Executive Officer, Middle East, Paytm said, 'I am excited to join Paytm and lead its Middle East business. The region is rapidly adopting digital payments, and there's a strong demand for innovative, secure, and scalable solutions. Paytm's technology, built and refined in India, is well-suited to meet these needs. We will work closely with regulators and ecosystem partners to introduce impactful innovations and strengthen the digital payments landscape.' The company sees strong potential to expand its technology-driven merchant payments and financial services distribution model to international markets. Paytm is exploring select global opportunities as part of its long-term growth strategy, with meaningful results expected over the next few years. About Paytm Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm's mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology. View source version on *Source: AETOSWire Contacts
Yahoo
27-05-2025
- Business
- Yahoo
Paytm Appoints Ramana Kumar as CEO for Middle East Business
With two decades of fintech and banking leadership, Kumar will lead Paytm's expansion in the UAE and broader Middle East DELHI NCR, India, May 27, 2025--(BUSINESS WIRE)--Paytm (One97 Communications Limited), India's leading payments and financial services distribution company and pioneer of mobile payments, QR codes and Soundbox, today announced the appointment of Mr. Ramana Kumar as Chief Executive Officer for its Middle East business. He brings over 20 years of leadership experience in the fintech, payments, and banking sectors along with deep expertise in driving innovation and business growth in financial services. Before joining Paytm, Mr. Kumar was the founding CEO of Magnati, a leading payments company in the United Arab Emirates (UAE) and a subsidiary of First Abu Dhabi Bank (FAB), where he led key initiatives to modernize payment systems and drive business growth. He also served as Executive Vice President at FAB, overseeing the bank's payments and digital banking businesses. Prior to that, he was Managing Director and Head of Global Transaction Banking – Product and Business Management at the National Bank of Abu Dhabi (NBAD), where he played a key role in developing digital banking and payment solutions. Over the years, Mr. Kumar has built a strong reputation for creating scalable, innovative, and secure payment solutions. Mr. Kumar will lead Paytm's expansion in the UAE and the broader Middle East, focusing on developing digital payment solutions tailored to local needs. He will leverage the company's proven technology and expertise as a pioneer of mobile payments and payment devices in India to drive regional growth. His appointment marks a key step in Paytm's journey to bring its digital financial services to new international markets. Vijay Shekhar Sharma, Founder & CEO - Paytm said, "We welcome Ramana, who has built a formidable merchant payments business in the UAE. We aim to serve the region by building and bringing strong regional leadership, backed by our proven technology." Mr. Ramana Kumar, Chief Executive Officer, Middle East, Paytm said, "I am excited to join Paytm and lead its Middle East business. The region is rapidly adopting digital payments, and there's a strong demand for innovative, secure, and scalable solutions. Paytm's technology, built and refined in India, is well-suited to meet these needs. We will work closely with regulators and ecosystem partners to introduce impactful innovations and strengthen the digital payments landscape." The company sees strong potential to expand its technology-driven merchant payments and financial services distribution model to international markets. Paytm is exploring select global opportunities as part of its long-term growth strategy, with meaningful results expected over the next few years. About PaytmPaytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm's mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology. View source version on Contacts Paytm media contact: corpcomm@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Paytm Appoints Ramana Kumar as CEO for Middle East Business
With two decades of fintech and banking leadership, Kumar will lead Paytm's expansion in the UAE and broader Middle East DELHI NCR, India, May 27, 2025--(BUSINESS WIRE)--Paytm (One97 Communications Limited), India's leading payments and financial services distribution company and pioneer of mobile payments, QR codes and Soundbox, today announced the appointment of Mr. Ramana Kumar as Chief Executive Officer for its Middle East business. He brings over 20 years of leadership experience in the fintech, payments, and banking sectors along with deep expertise in driving innovation and business growth in financial services. Before joining Paytm, Mr. Kumar was the founding CEO of Magnati, a leading payments company in the United Arab Emirates (UAE) and a subsidiary of First Abu Dhabi Bank (FAB), where he led key initiatives to modernize payment systems and drive business growth. He also served as Executive Vice President at FAB, overseeing the bank's payments and digital banking businesses. Prior to that, he was Managing Director and Head of Global Transaction Banking – Product and Business Management at the National Bank of Abu Dhabi (NBAD), where he played a key role in developing digital banking and payment solutions. Over the years, Mr. Kumar has built a strong reputation for creating scalable, innovative, and secure payment solutions. Mr. Kumar will lead Paytm's expansion in the UAE and the broader Middle East, focusing on developing digital payment solutions tailored to local needs. He will leverage the company's proven technology and expertise as a pioneer of mobile payments and payment devices in India to drive regional growth. His appointment marks a key step in Paytm's journey to bring its digital financial services to new international markets. Vijay Shekhar Sharma, Founder & CEO - Paytm said, "We welcome Ramana, who has built a formidable merchant payments business in the UAE. We aim to serve the region by building and bringing strong regional leadership, backed by our proven technology." Mr. Ramana Kumar, Chief Executive Officer, Middle East, Paytm said, "I am excited to join Paytm and lead its Middle East business. The region is rapidly adopting digital payments, and there's a strong demand for innovative, secure, and scalable solutions. Paytm's technology, built and refined in India, is well-suited to meet these needs. We will work closely with regulators and ecosystem partners to introduce impactful innovations and strengthen the digital payments landscape." The company sees strong potential to expand its technology-driven merchant payments and financial services distribution model to international markets. Paytm is exploring select global opportunities as part of its long-term growth strategy, with meaningful results expected over the next few years. About PaytmPaytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm's mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology. View source version on Contacts Paytm media contact: corpcomm@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Gulf News
25-04-2025
- Business
- Gulf News
Bahrain's Arab Financial Services wants to put its stamp on UAE's payments processing market
Dubai: UAE consumers and businesses have any number of ways to make their payments – digital wallets, credit/debit/pre-paid cards, and, when needed, some cash too. But these days, it's not just the sheer number of payments options that are available, the choices even extends to payment processing platforms too. The UAE has Magnati and Network International alongside the global names Visa and Mastercard. There are others too – and it is into this fray that Bahrain's Arab Financial Services logged in earlier this year. It followed the granting of a 'retail Payment Services License – Category 2 from the UAE Central Bank. And which meant AFS could provide its set of payment solutions. But in an already crowded UAE payments marketplace, how can AFS build up a spot? That's exactly what Samer Soliman, CEO of Arab Financial Services, is intent on doing. Within the UAE's payments processing space, is there any sub-category AFS will focus on? We were founded in Bahrain 40 years ago as a traveler's cheques business, then we pivoted into processing. Recently, we got into (merchant) acquiring business, and once we did that, we decided that we needed to be in four key markets across Middle East - Bahrain. Oman, Egypt and UAE. There is a fifth market, but I don't want to get into those details… But why get into the acquiring space? Was it about higher margins? We were looking at expanding on the value chain a little bit more. Yes, we realize the penetration in the UAE market is quite high – but we wanted to get into a market with a value proposition for merchants. Even one that's already highly penetrated. Then you look at the merchants: what do they really need? He needs to get his money settled fast and as AFS, we need to have a ready solution for that. The merchant needs to have a bridge for his funds. We have partnered with a financial institution to do that for SMEs. Additionally, he wants to manage all his outlets at his fingertips. Today, someone using a smartphone can access his various bank accounts and transactions at the same time. Why can't the same ease be provided for the acquiring space. When we came in, it was the plan to disrupt the current value system. Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment eco-system. A key to the growing and continued success of the company was an executive team determined to invest in the most up-to-date, cutting edge technologies. AFS is owned by a total of 37 banks and financial institutions and serves over 60 clients in more than 20 countries across MEA. Today, AFS is the region's leading digital payment solutions provider and Fintech enabler, regulated by the Central Bank of Bahrain. AFS's innovative approach to the provision of financial services is evidenced by a series of pioneering payment services that covers card processing services, merchant acquiring, fintech solutions and an impressive array of value-added services. The emphasis that AFS places on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions including digital mobile wallets, customer orientated Merchant Acquiring services; Bahrain's leading digital payroll solution Al Rateb, global Contact Centers and much more. But your focus being merchants in the SME space? One of the benefits – as I said earlier – was to enable merchants to manage all his financials while at the shop. He doesn't need to go to the bank, nor does he have to call in. He can get his things done at his fingertips. The second would be how to give SMEs a service similar to what's given to large-scale merchants. I've been in the payments business for 30 years – what we going to do is help build the second-generation of payments in the UAE. And you settle funds to merchants earlier than the market average? The market is running on what we call 'Transaction plus 1', and we are running the same. But which hour of the 'Plus 1' is what makes us different. There is always room for players who brings in additional benefits. We already have more than 200 customers on-boarded from incumbents in the market.
Khaleej Times
18-04-2025
- Business
- Khaleej Times
Magnati simplifies contactless payments with the launch of tap to pay on iPhone
Magnati, a leading payment solutions provider in the Middle East, has introduced Tap to Pay on iPhone, enabling businesses to accept contactless payments in the UAE using only an iPhone. With this feature, merchants can process a variety of contactless payments via credit, debit, and prepaid cards, as well as Apple Pay and other digital wallets, using only an iPhone and the SwipeX iOS app. No additional devices or payment terminals are required. Tap to Pay on iPhone offers a seamless checkout experience. Merchants simply prompt customers to hold their contactless payment method near the iPhone, and the transaction is securely completed via NFC technology. This solution ensures that both the merchant and customer data remain secure as it uses the iPhone's built-in security features. Apple does not store card or transaction information on the device or its servers. Nishit Doshi, Managing Director and Head of Products, Partnerships and Data at Magnati commented, 'The introduction of Tap to Pay on iPhone helps enhance the customer experience with contactless payments. For UAE consumers, contactless in-person payments have become second nature, with over 95% of transactions now conducted via this method. With Tap to Pay on iPhone, we are equipping businesses in the UAE with an efficient solution that enhances sales while providing customers with greater choice and convenience.' Setting up Tap to Pay on iPhone is straightforward. New merchants with an iPhone XS or later models, running the latest version of iOS, can download the SwipeX app from the Apple App Store. After a brief digital onboarding process, they can enable Tap to Pay on iPhone and start accepting payments immediately.
