30 April 2017
RAKBANK is pleased to announce the launch of Samsung Pay mobile payment solutions to the Bank’s customers in partnership with Samsung Gulf Electronics. With Samsung Pay, RAKBANK customers can make convenient, simple, and secure contactless payments using their Samsung smartphones at their favorite outlets.
The Samsung Pay solution is an innovative way where RAKBANK customers can now make a payment at retailers using their Samsung smartphones instead of swiping their cards. To begin, customers must first register their RAKBANK Credit or Debit MasterCard card details in the Samsung Pay application, which is available on all the supported Samsung devices**. To make payments using Samsung Pay, a customer needs to swipe up on the screen of their supported Samsung smartphone, select their RAKBANK MasterCard card, authenticate using a fingerprint or PIN, and tap their phone near the Point of Sale terminal. Samsung Pay is accepted almost everywhere in the UAE and abroad as the application works on both Magnetic Secure Transmission (MST) technologies as well as with Near Field Communication (NFC). This means fewer queues and less time spent making a payment.
Samsung Pay is a highly secure platform as it works with three levels of security—fingerprint authentication, card tokenization that secures the card number registered on the phone and Samsung’s defense-grade mobile security platform Samsung KNOX.
Recognizing the growth of the digital banking trends, RAKBANK CEO Peter England said, “Our customers want access to the best technology and, in addition to the completely revamped RAKBANK Digital banking platform, Samsung Pay is another example of a digital solution that offers our customers more flexibility, convenience and choice. At RAKBANK, we are constantly introducing new, alternate channels that can facilitate the customer’s banking experience through several different digital touch points.”
“The UAE is becoming a market where banking and mobile payments are a lifestyle that is increasingly being demanded. We are pleased to be partnering with RAKBANK to provide customers with a wide range of choices when it comes to making purchases, through Samsung Pay. We are committed to making Samsung users, lives easier and RAKBANK customers will be able to use our digital solution with more flexibility, convenience, and choice,” said Mohammad Gharaibeh, Head of Enterprise – Mobile Business, Samsung Gulf Electronics.
In the UAE, Samsung Pay is currently available for Galaxy S8 and Galaxy S8+, Galaxy S7 and Galaxy S7 Edge, Galaxy S6 Edge+, Note 5, Galaxy A5 and Galaxy A7 (2016) and Galaxy A Series (2017). Samsung Pay will also be available for the Gear S3.
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via www.twitter.com/rakbanklive and www.facebook.com/rakbank.
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About Samsung Pay
Samsung Pay, a mobile payment service from Samsung Electronics, is simple, safe and works almost anywhere you can swipe or tap your card. Combining NFC (Near Field Communication) with Samsung’s proprietary MST (Magnetic Secure Transmission) technologies, Samsung Pay provides consumers a way to pay almost anywhere you can swipe or tap a card at millions of merchant locations. Samsung continues to strategically expand its partnership ecosystem for Samsung Pay to provide greater flexibility, access and choice for customers while enabling an easy and safe payment experience. Samsung Pay is compatible with select cards and Samsung devices, and leading wireless providers. Visit www.samsung.com/ae/samsungpay to learn more.
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and semiconductor and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com
© Press Release 2017