News
RAKBANK Chooses Gemalto to Support Migration to Contactless EMV Payments in the UAE
May 2016 by Marc Jacob
Gemalto has been chosen by RAKBANK, one of the oldest and most dynamic banks in the UAE, to support its migration to contactless EMV payments to benefit from this system’s speed, convenience and security. Gemalto is supplying RAKBANK with its proven dual interface cards, which will be personalized by the Bank using the already implemented Gemalto Dexxis issuance system.
RAKBANK is initially deploying the cards for the launch of its new RED MasterCard, offering customers all the benefits of swift ’tap and go’ transactions, alongside an attractive package of loyalty and saving programs. Afterwards the bank’s entire payment card portfolio will be upgraded to dual interface technology.
Adoption of Gemalto contactless cards puts RAKBANK at the forefront of the powerful trend towards contactless payments that is evident across the Middle East and Africa. Latest research shows that 272 million contactless cards will have been issued in the region by 2019, with an annual growth rate of 45%.The deployment of contactless terminals mirrors this, with an annual growth rate of 48%.
"RAKBANK is committed to empowering customers with technology-based solutions that save them time," said Ian Hodges, Managing Director of Retail Banking at RAKBANK. "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."
"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," said Eric Claudel, President of Middle East & Africa for Gemalto. "This deployment enables RAKBANK to stay ahead of the curve as we move towards the era of cashless societies."
Source:
1ABI Research
