ABU DAHBI | MasterCard announces the launch of its digital wallet service in the United Arab Emirates. Through partnerships with RAK Bank, Mashreq Bank and Emirates NBD, the 'MasterPass wallet' will soon be available to their UAE cardholders. Online merchants Novo Cinemas and Aido.com are already accepting MasterPass for online checkout.
Digital Wallets powered by MasterPass
MasterPass delivers the technical framework for card issuers (the ones providing debit and credit cards to consumers) to bring their own branded or MasterPass branded wallet. Consumers in the UAE can store all their MasterCard or other payment card information, as well as shipping and billing address details, securely in one place.
This gives them the ability to make online payments quickly, without the hassle of having to keep adding in these details for each online purchase. “Put simply, MasterPass is a digital payment solution that simplifies the entire shopping experience for consumers.”, says Eyad Al-Kourdi, Country Business Head – UAE, MasterCard.
MasterPass issuing banks
MasterCard has partnered with three local issuing banks including RAK Bank, Mashreq Bank and Emirates NBD. In order to sign up, customers need to simply register online with their preferred issuing bank. Once that is completed, cardholders will be able to access their digital wallet when they shop at any participating merchant’s website.
For retailers, MasterPass provides a more secure, faster and easier way to accept card payments from customers, enhancing the customer experience. “According to research, over 67 percent of online purchases are abandoned before completing the payment process. With the checkout process reduced to a few clicks or taps, merchants can look forward to fewer customers discarding their online shopping trolley."
Novo Cinemas and Aido.com are amongst the first merchants to accept MasterPass as a payment method at checkout, with additional merchants going live soon. As MasterPass in the UAE evolves, it will also enable in-app and in-store purchases, based on the shopping experiences a merchant wants to make available to its customers.
Live in 13 countries
MasterPass is already available in 13 countries including USA, UK, Australia, Canada, China, Czech Republic, Italy, New Zealand, Poland, Romania, Singapore, South Africa, Taiwan and now in the UAE. MasterPass wallet users can shop internationally at the over 60,000 online merchants around the world that accept MasterPass.
Sourced from Press Release by MasterCard, November 27th, 2014