Mastercard recorded a record number of secure mobile transactions in the UAE in 2018, the company has announced.
The company credits the trend, which includes seamless points through a variety of devices, to the UAE’s largely young population and high mobile penetration rate of 173 percent, the highest in the world.
“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,” said Girish Nanda, Mastercard’s general manager for the UAE and Oman.
Nanda added that “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.”
In late September, Mastercard was named as the official payments technology partner of Expo 2020 Dubai with the aim of creating a "seamless" experience for visitors.
At the time, Nanda said the ultimate aim is to create "a cashless payments experience which is seamless, which is simple, and which is safe, so that the visitor can focus on and enjoy the Expo".
"Our own research shows that users are looking for new ways to pay. They're optimistic about digital payments. They want the flexibility to pay with any device," he added. "But equally important is the safety and security of personal information."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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