World's largest electronic payments solutions provider gains momentum in contactless transactions to complement the UAE's fast paced lifestyle
Abu Dhabi, 26 April 2009 - National Bank of Abu Dhabi (NBAD) has partnered with Visa to use its innovative contactless payment technology in the UAE with today's launch of a Visa payWave credit card.
The NBAD Visa payWave card uses a secure application to approve transactions of low value. As the consumer does not need to hand over the card - simply waving it in front of the terminal instead - Visa payWave presents time savings for cardholders and merchants alike.
Eliminating the need for PIN numbers, online approvals and signatures for low value purchases, a Visa payWave transaction is processed in just four to six seconds compared to up to 35 seconds with traditional magnetic strip cards1- resulting in a reduction in average customer queuing time.
"As the Number One Bank in the UAE, NBAD keeps up to speed with the latest banking technology to provide customers with a fast, secure, reliable and convenient banking experience," said Mr. John Malouf, General Manager of NBAD's Consumer Banking.
"The fact that we are one of the first banks in the region to roll out Visa "payWave" contactless cards illustrates our progressive mentality in adopting global technologies and services to serve our customers even better" he added.
"We are delighted to launch this card in association with Visa as they have the infrastructure, technology and business know-how that matched NBAD's criteria and needs" Mr. Malouf concluded.
Kamran Siddiqi, Visa's General Manager Middle East, explains: "Visa is working with banks across the GCC to introduce payWave and National Bank of Abu Dhabi's (NBAD) launch of a Visa payWave credit card signals a welcome acceptance of innovative contactless technology which is already established in other parts of the world.
"The NBAD Visa payWave card is an excellent example of Visa's approach to innovation and its ability to extend the value of Visa to new stakeholders and new market segments."
Visa's payWave solution follows in-depth contactless trials in early adopter markets such as London and Russia to ensure the technology can keep pace with the changing demands of customers.
"For high volume retail environments, such as coffee shops, express grocery stores and newsagents, where transaction values are low and speed of service is essential, Visa payWave offers a secure, convenient and quick alternative to cash." says Siddiqi.
Each NBAD Visa payWave-enabled card contains a tiny microchip that sends payment information to a contactless card reader via short-range radio frequency waves. The information does not contain the cardholder's name and includes an encrypted security code that is unique to each transaction.
Payment cards with Visa payWave carry the same zero liability protection and will have the same behind-the-scenes fraud monitoring that is standard with all NBAD Visa payment cards.
Visa is currently migrating to an enhanced global specification, Visa Contactless 2.0, to further support the growth of Visa payWave around the globe. The new global contactless specification is based on the international EMV chip standards, enabling Visa to take advantage of the industry's most advanced cryptographic techniques for Visa payWave transactions, regardless of where the card was issued or where the transaction takes place.
1 A 'Visa Smart Card Deployment Study in Taiwan and Malaysia' conducted by Deloitte surveyed 36 executives from various banks, retailers and vendors involved in the deployment of Visa payWave programs.
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About Visa
Visa operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.
About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, was incorporated in 1968. NBAD has a network of more than 80 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & traveler's cheques exchange services.
The branch network is widened further with more than 250 ATMs through which customers perform a variety of transactions.
Besides brick & mortar branches, NBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 24-hour Call Centre.
NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt, Libya and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.
The bank provides its customers with a wide variety of financial services targeting all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.
NBAD is an award winning leader in the UAE and GCC financial services industry. Awards won by the bank include the Middle East Excellence Award 2008, the Mohamed Bin Rashid Al Maktoum Business Award 2007, the Sheikh Khalifa Excellence Award, Dubai Quality Award, 'Best Bank in UAE' from Euromoney and Banker publications, 'Human Resources Development Award' from the Emirates Institute for Banking & Financial Studies, the 'Middle East e-Banking Country Award', the 'Outstanding use of IT in Financial Services Award, Bbest Personal Loan in the Middle East' and 'Best use of Technology' from Banker Middle East.
Contact:
Visa: Linsey Worgan,
d'pr
Tel: +971 4 3233668,
Email: linsey@d-pr.ae
NBAD:
Ehab Khairi,
Media & PR Manager,
National Bank of Abu Dhabi,
Tel: +97126111190,
Mob: + 971508126799,
Email: ehab.hassan@nbad.com
Web: www.nbad.com
© Press Release 2009
