emirates bank & dubai internet city officially launch first co-branded mastercard ® paypasstm credit card

Published September 5th, 2007 - 10:53 GMT

emirates bank & dubai internet city officially launch first co-branded mastercard ® paypasstm  credit card
Bringing Revolutionary High-speed Payment Technology to the UAE

An alliance between Emirates Bank, Dubai Internet City (DIC) and MasterCard Worldwide is set to revolutionise card payment in the UAE by introducing the ground-breaking technology PayPassTM from MasterCard®.  The official launch announced at a press conference of the Emirates Bank DIC Credit Card introduces contactless payment technology in retail outlets across Dubai Internet City, Dubai Media City, Dubai Knowledge Village and other selected merchants across the UAE.

In addition to functioning as a normal credit card, the PayPass technology allows cardholders to simply tap their new card against a special point-of-sale terminal and their payment is completed. The card contains an embedded chip and radio frequency antenna that offer customers a convenient alternative to cash by allowing small ticket purchases to be completed quickly, securely and easily.

Across the free zone clusters, the new Emirates Bank DIC Credit Card will be accepted by a number of MasterCard PayPass merchants, including fast-food outlets, coffee shops, convenience stores and pharmacies. It is a retail mix typified by the high traffic and the small-ticket or cash transactions for which the PayPass contactless payment has been developed.  In addition, tie-ups with partners within the Freezone area add value for users of the card.

Mr. Louis Scotto, Emirates Bank General Manager- Retail Banking said, “Emirates Bank is delighted to offer the first co-branded contactless payment card in the Gulf and continuing to enhance our position as a leader in innovative card payment technology. The Emirates Bank DIC Credit Card offers cardholders the convenience to pay without searching for cash, swiping a card or signing a receipt. It will reduce time and boost convenience both for consumers and for retailers.”

Mr. Jamal Abdul Salam, Executive Director, Dubai Internet City, said, “Fast and easy payment will be keenly welcomed by the time-starved and hard-working professionals in Dubai Internet City, Dubai Media City and Dubai Knowledge Village – the TECOM knowledge based clusters. The benefits of such speedy and convenient payment solutions are multiplied because the retail outlets in these areas are typified by high traffic and small-ticket transactions.”

Mr. Eyad Al-Kourdi, VP & Country Manager, UAE MasterCard Worldwide said, “As the industry leader in contactless payment solutions, we are delighted to have cooperated with Emirates Bank and DIC.  Together we have developed a payment solution that will offer cardholders a secure, fast and convenient alternative to cash when purchasing within the Freezone.  This initiative demonstrates our understanding that results are best delivered locally through the development of customised business solutions that leverage the MasterCard network and allow our customers to create differentiated and profitable programs that grow their businesses.”

Mr. Robin Mukherjee, Emirates Bank Head of Cards said, “Cardholders will soon be enjoying the benefit of a range of valuable discounts and privileges negotiated with leading suppliers across the Freezone.  We will also be further enhancing our relationship with DIC and it’s partners by developing further value-added services, such as discounts at restaurants and merchants within the area.”

The Emirates Bank DIC Credit Card can be used for both contactless payment and as a standard credit card. For larger transactions (over AED 100) and for purchases outside the Freezone, the card can be swiped, or inserted, like a normal credit card.  The card can be used at a growing number of MasterCard PayPass merchants in the UAE and at over 55,000 merchant locations worldwide.

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