United Arab Bank and Mastercard have announced an agreement which sees the latter become the preferred and exclusive partner for credit, debit and commercial cards issued by UAB.
A statement on Tuesday by Mastercard noted that the partnership supported UAB as it continued charting a growth path towards a promising future, based on an “ambitious” digital strategy, aided by Mastercard’s extensive range of innovative payment solutions, global network, and portfolio of value-added services.
According to Mastercard, with 82 per cent of United Arab Emirates consumers now considering contactless as their most preferred payment method, all new cards under the partnership will offer contactless capabilities.
Commenting on this partnership, Ahmad Abu Eideh, Chief Executive Officer at UAB, said, “We are delighted to share news of this exclusive partnership with MasterCard, and look forward to bring Mastercard’s first-class products, seamless services, benefits and superior user experience to our customers in the UAE.
“Customer convenience lies at the heart of all our initiatives. We are committed to offer banking solutions to our customers each day. Towards this, we have always believed in partnering with the best companies.”
Speaking on the partnership, Girish Nanda, Country Manager, UAE & Oman, Mastercard, said, “Through the power of partnerships, we closely collaborate to benefit all – including consumers, merchants, business partners, governments and the communities we serve – and as such we are delighted to mark this landmark partnership with United Arab Bank. We commend the foresight of UAB as it sets a long-term vision for its own success, while offering Mastercard’s renowned network, reach and security for its cardholders.”
Financial Street reported that payments continued to show an upward tick in the UAE, as COVID-19 pandemic has further propelled this shift, with consumer increasingly embracing cashless payments, contactless interactions, ecommerce and mobile wallet transactions for day-to-day purchases.
A recent Mastercard data showed that 71 per cent of UAE consumers believed that hygiene concerns with cash would remain even once the pandemic is over.
