Payments technology leader celebrates the legacy of innovative solutions that are powering the country’s growth towards a cashless economy
Reaffirming its leading role in transforming the payments landscape in the region, Mastercard, a leading technology company in the global payments industry, recently celebrated its 30th anniversary in the UAE.
Marking three successful and inspiring decades in the country, Mastercard commenced its UAE operations in 1986 when it collaborated with Abu Dhabi Commercial Bank (ADCB) as its first authorized card issuer in the country.
“Mastercard has mirrored the tremendous growth story of this nation,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard. “The UAE, thanks to its visionary leadership, has provided a fertile ground to leverage our innovative solutions. Be it implementing new digital payment methods or using the country’s strategic location to drive financial inclusion in the region, the rewards have motivated us to unlock the next wave of innovation in the payments sector.”
Over the years, Mastercard has introduced a suite of solutions to boost the UAE’s cashless credentials, including an intuitive, hassle-free alternative to traditional payments in the form of Masterpass – an omnichannel, ‘digital wallet’ service that allows shoppers in the country to store card information and shipping and billing information securely over a single platform.
Demonstrating the role of alliances with industry players in advancing the country’s drive towards a cashless society, Mastercard collaborated with Beam Wallet – a world-class mobile commerce and rewards platform – to incentivize cashless transactions and drive greater value to customers. “Creating a seamless payment experience that enhances customer and merchant satisfaction, while at the same time strengthening security of transactions, has been at the top of our agenda in the UAE,” added Elgibali.
As the UAE continues to enhance its shopping, dining and entertainment offering for both residents and visitors, Mastercard has emerged as a trusted partner to service cashless transactions across businesses. Collaborations with Dubai’s latest attractions such as Dubai Parks and Resorts and IMG Worlds of Adventure exemplify Mastercard’s contributions to the thriving entertainment sector in the country, allowing it to deliver ‘priceless’ experiences to customers through value-driven solutions and payment technologies.
Eyad Al-Kourdi, Senior Vice President and General Manager, UAE, Mastercard, said: “We will continue to leverage on the country’s efforts in building a robust digital infrastructure. With landmark events such as the Dubai Expo 2020 in sight, we look to grow from strength to strength in realizing the UAE’s ambition to unlock opportunities for further growth and transformation. We are already working towards bringing the future of shopping and payments to the UAE, thereby contributing to the country’s ambition to remain well ahead of the curve in technology and innovation in the financial sector.”
Mastercard recently participated in Emirates NBD’s futuristic banking space where ‘The Future of Shopping’ by Mastercard exhibit provided a glimpse of shopping in the new era of digital and mobile-driven processes and consumer engagement as envisioned by Mastercard Labs.
“Our task at hand is to support the UAE’s smart city vision by exceeding the expectations of the country’s leaders and people, and forge stronger alliances with public and private sector entities to become catalysts of innovations towards a ‘World Beyond Cash’. Our commitment to the UAE underscores the important place we believe the Middle East and Africa region holds in our growth as a brand in the coming years. We thank the country’s leadership and our partners for their continued support and look forward to celebrating more milestones together.” Elgibali added.