RAKBANK selects Gemalto to support contactless payments in UAE
RAKBANK plans to launch its RED MasterCard embedded with contactless EMV payments feature
One of the oldest banks in the UAE, RAKBANK, has chosen Gemalto to support its migration to contactless EMV payments.
Gemalto will supply RAKBANK with dual interface cards, which will be personalised by the bank using Gemalto's Dexxis issuance system. The bank is deploying the cards for the launch of its RED MasterCard, which aims to offer customers all the benefits of "tap and go" transactions, as-well-as loyalty and saving packages. After the launch, the bank's entire payment card portfolio will be upgraded.
Ian Hodges, managing director of Retail Banking at RAKBANK said: "RAKBANK is committed to empowering customers with technology-based solutions that save them time. The launch of our RED MasterCard reflects this drive to offer simple and convenient banking solutions, and benefits from Gemalto's experience of successful contactless deployments in markets worldwide."
Eric Claudel, president of Middle East & Africa for Gemalto added: "Gemalto already enjoys a close relationship with RAKBANK via our Dexxis issuance system, and this successful partnership is now further strengthened by this decision to migrate to our most advanced dual interface payment cards. This deployment enables RAKBANK to stay ahead of the curve as we move towards the era of cashless societies."
According to ABI Research, by 2019, 272m contactless cards will have been issued in the region, with an annual growth rate of 45%. RAKBANK's decision to move towards contactless payments is to provide speed, convenience and security for its customers.