RFM Loyalty Co reported that the average monthly volume of POS transactions grew by 45 per cent in 2022 as compared to the previous year, crossing a record number of Dh1 billion+ per month. The spike in transaction volume was the product of recent normalisation of cashless transactions, RFMs’ investment in technology and constant efforts to prioritise 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 per cent in its merchant base.
Iqbal Mahmood, founder and CEO at RFM Loyalty Co, said: "I am delighted with the milestone of RFM crossing Dh1 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. 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 the 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 retailers and businesses across the UAE through its partner Magnati. It's group of companies are also present in Pakistan as ‘Integrated Payment Solutions’, and Singapore as ‘Integrated Loyalty Solutions’ for merchant acquiring.
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