Bank Audi and MasterCard today launched the "Tap2Pay - NFC Wearables", a first-of-its kind payment solution in the Middle East, during a press conference held at Bank Audi headquarters in Bab Idriss on Tuesday, March 31.
This modern payment solution marks a new era for credit card payments in the region as it introduces MasterCard's contactless technology that can now be used in watches and bracelets to make small-value purchases in a secure and convenient way. The announcement was made at a joint event in Beirut.
Under the umbrella of "Tap2Pay NFC series of contactless payment" launched by Bank Audi in 2013 to create a cashless society, this new development comes to complete the NFC contactless family which consists of: contactless cards, NFC mobile payment, and stickers for non NFC-enabled mobiles.
Michael Miebach, President, Middle East and Africa, MasterCard said: "MasterCard recognizes the importance of being at the forefront of technological change by constantly providing consumers and businesses with new, innovative payment solutions that are safe, simple and smart. Launching these products and services is a testament to our commitment to the region through innovation and cutting-edge technology that we continue to bring to our consumers."
Mrs. Randa Bdeir, Group Head of e-Payment Solutions and Card Services at Bank Audi sal, seized the occasion to underline that "NFC contactless payments have a major role to play in the replacement of cash in our region. The launch of a highly innovative payment device like this watch, in partnership with MasterCard, is just one of the ways of bringing fast, convenient and secure alternatives to cash to the Lebanese market."
Bdeir continued: "Bank Audi's Tap2Pay NFC payment technology is revolutionary because it has the ability to change consumer behaviour. Today, we offer our Tap2Pay feature in non-credit card forms such as stickers, mobile phones and watches, offering consumers a broad range of payment alternatives where speed, flexibility and convenience are essential. Consumers can simply tap their new Tap2Pay NFC device on the contactless reader to make a purchase at more than 3000 merchant locations in Lebanon, as well as at any Paypass merchant outside Lebanon."
Lebanon is indeed a market where the strong consumer demand for innovation in the payments industry has led Bank Audi to stay at the forefront of new technologies and provide its customers with solutions that make their lives easier.
-Ends-
About Bank Audi sal
Bank Audi is a regional group with a universal banking profile. The Bank offers universal financial products and services including Corporate, Commercial, Individual and Retail, and Private Banking services in addition to Investment Banking and On-line Brokerage services. As at end-December 2014, Bank Audi's consolidated assets reached USD 42 billion, principally driven by private customers' deposits of USD 35.8 billion, with shareholders' equity reaching USD 3.3 billion. Bank Audi's group staff headcount exceeds 6,000 employees and its shareholders' base encompasses more than 1,500 holders of common shares and/or holders of Global Depositary Receipts (GDRs) representing common shares.
Bank Audi ranks first among Lebanese banks and is positioned in the inner circle of top regional banking groups. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.
For more information, please visit: www.bankaudigroup.com
About MasterCard
MasterCard (NSYE: 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, travelling, 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 Cashless Pioneers Blog, and subscribe to the latest news on the MEA Engagement Bureau.
MasterCard media contact:
Stephanie King
Hill+Knowlton Strategies
043344930 -
Stephanie.King@hkstrategies.com
© Press Release 2015
