Dubai, November 29, 2015 – Citibank UAE and MasterCard today launched contactless payment technology for Citi MasterCard credit cards in the UAE. As a leader in innovation, Citi is using its successful global experience in contactless payments to expand the service to its UAE cardholders. The launch of contactless payments will enhance the consumer spending experience and support the UAE in becoming a more technologically advanced country.
“At Citi, we want to give our clients state-of-the-art technology, and one of our priorities has been revolutionizing the card payment space. Payments using contactless cards are faster, more convenient and more secure, ‘’ said Dinesh Sharma, Citi’s Consumer Banking Head in the Middle East. We want to create an intuitive experience that uses contactless payment technology to give our consumers a complete and interactive experience wherever they are.’’
Contactless payments can be made at thousands of merchant locations across the UAE where contactless terminals are available, as a simple tap for small ticket items (up to 100 AED) or a tap with PIN for larger purchases. To make a contactless payment, cardholders simply hold their contactless-enabled credit card in front of the contactless terminal and receive an instant confirmation of payment.
Raghu Malhotra, President, Middle East and North Africa, MasterCard commented: “As a technology company in the payments industry, we continue to drive innovation in payments in order to provide cardholders with a seamless consumer experience. Through this partnership with Citibank UAE, we will be working together to provide cardholders with a safe and secure payment solution and take steps forward in achieving our goal of becoming a world beyond cash.”
About Citibank MasterCard Contactless Payments
Contactless payments are payment transactions that do not require a physical contact between the consumer’s credit card and the merchant’s terminal. They use secure Near-Field-Communication (NFC) technology to process the transaction. NFC is a wireless technology that uses radio frequencies to establish a connection and transmit data between an NFC-enabled card and the merchant terminal. This is done by tapping the card against the terminal or by bringing the card close to the terminal, thus allowing the transaction to be processed.
What are the benefits of using a Citibank Contactless credit card?
- Increased convenience: Transactions are easier for both the card members and the merchants, meaning faster transactions and shorter queues.
- Enhanced security: Contactless technology operates under a technologically advanced and safe protocol and will work on purchases up to the value of AED 100. For transactions above AED 100, card members will be required to enter their PIN.
- Rewards: Card members accumulate miles/points (where applicable) and benefit from the cards’ reward scheme, even for the small amounts that they previously used to pay with cash.
- Less wear and tear: the card does not come into physical contact with the terminal through inserting or swiping.
- An exciting experience: The card member is no longer constrained by the amount of cash in hand and is now able to track spending habits on low-value purchases.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardMEA and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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