Uptake of secure mobile payment solutions soars across the UAE, with transactions nearly doubling over six-month period
Dubai, UAE – 13 December 2018: Highlighting the growth of mobile payment technologies in the country, Mastercard, a leading technology company in the global payments industry, has revealed that the UAE marked a record number of secure mobile transactions in 2018.
This growth indicates a positive trend in terms of more consumers enjoying the benefits of secure mobile payments, which allow them to pay seamlessly and conveniently from a variety of connected devices through a simple tap, touch or click, whether in the UAE or abroad. The country’s large youth demographic and a mobile penetration rate of 173 percent, which represents the highest in the world and positions the UAE at the forefront of the region’s digital transformation, serve as key drivers of mobile payments adoption in the UAE in addition to the simplicity and ease of use of these innovative payment methods.
Committed to playing a leading role in advancing the digital payments ecosystem in the UAE and the region at large, Mastercard has been at the forefront of integrating issuers’ cards with mobile wallet services since they were first launched in the UAE. Moreover, mobile apps such as Apple Pay, Google Pay and Samsung Pay use Mastercard’s advanced tokenization solution, which replaces sensitive cardholder primary account number with an alternate card number or token that is used by the payment device and merchant, thereby reducing the possibility of frauds as it can only be used from the device or credentials on which it was registered.
Girish Nanda, General Manager, UAE and Oman, Mastercard, said: “The UAE is home to a population of tech-savvy consumers, who are eager to embrace the latest technologies that offer a high degree of convenience without compromising safety and security. Mobile payment technologies offer both – providing consumers with complete peace of mind. The increase in the adoption of secure mobile payments in the UAE is a positive indicator of the country’s rapid shift towards a cashless society and firmly puts the spotlight on mobile technologies as the future of payments.”
Mastercard has been supporting the UAE’s drive toward a digital future through a variety of initiatives and is poised to reimagine the visitor experience at the upcoming Expo 2020 Dubai. The company was recently announced as Official Payment Technology Partner for the Expo where millions of visitors from around the world will enjoy a personalized, seamless, and cashless experience.
