23 February 2017

DIB reports outstanding success for Consumer Card

Source: DIB website. Banner for the Consumer Card page.
Source: DIB website. Banner for the Consumer Card page.
The Consumer Card introduced by the Department of Economic Development (DED) in Dubai and Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has exceeded all expectations by end-2016 in a highly competitive market, highlighting the importance customers place on the transparent nature of the offering and the customer-centric focus of the card.

Customers are drawn to the transparency the card offers, as they are rewarded for simply doing every day transactions, as opposed to increase their spending in return for rewards. The Consumer Card was launched in June 2016. Over the past six months, thousands of Consumer Cards have been issued, to the point where the card has already exceeded its target for its first year, while the total cashback payouts are at a record high. The highest combined amount of cashback was in the supermarket category, with the highest number of transactions on fuel spends. Salik and Nol payments were also popular.

Mohammed Ali Rashed Lootah, CEO Commercial Compliance & Consumer Protection (CCCP) sector in DED, said: "We are delighted with the success of the Consumer Card as it was launched as part of our strategic objective to make shopping in Dubai a pleasant experience through strengthening trust and productive partnerships between retailers and consumers. The card not only provides a new interface for substituting cash payments with smart payment options, but also enables consumers to avail of attractive discounts from various retail outlets.”

Lootah added that the success of the Consumer Card also underlined the successful co-operation between DED and DIB in stimulating growth and productivity in Dubai. “We are pleased to continue working with the Dubai Islamic Bank towards transforming Dubai into an innovation-driven and diversified economy,” he said.

Sanjay Malhotra, Chief of Consumer Banking at DIB, commented, “We are delighted to see that this unique Consumer Card launched in collaboration with DED has been a success with our customers who have acknowledged this product is not only easy to use but also convenient for them to earn cash back on. When we launched the Consumer Card, our core objective was to offer a low-cost, high-value payment solution in order to appeal to a larger number of customers who can enjoy the many exclusive benefits this product has to offer on their everyday purchases. I can proudly say that DIB and DED have been able to offer not just a product but a great experience to our customers, which is indeed a remarkable feat."

Ibrahim Selim Ergoz, GM, UAE, Qatar & Pakistan, Visa, said: “The Consumer Card is one of the key initiatives under a strategic partnership we have with DED and DIB, and is a great example of the public and private sectors working in tandem to help consumers in the UAE manage their finances in a safe, secure and responsible way. It has been successful because it meets a real consumer need while being easy to use, convenient and rewarding. As Dubai powers on with its Smart City initiative, Visa looks forward to being part of more initiatives like the Consumer Card that help to bring the Emirate’s vision of a cashless society a step closer to fruition.”

Issued in partnership with Visa, there are two variants, the Rewards Consumer Card and the Platinum Consumer Card, both offering discounts in over 450 outlets across the country. Card users are also eligible to receive up to AED1,000 cashback per month on daily purchases from supermarkets, automobile servicing, utility bills, fuel spend and movie ticket transactions. The card offers consumers savings and rewards on their daily supermarket purchases, fuel bills, utility bills, movies and more.

Serving 1.7 million customers, DIB continues to grow as it develops products tailored to changing consumer preferences.


Read the WorkSmart Asia blog post about the launch of the Consumer Card