RAKBANK & UnionPay team to drive contactless mobile payments in UAE

By Delisha Fernandes

RAKBANK, also known as The National Bank of Ras Al Khaimah, a financial institution in UAE and UnionPay International have announced their cooperation to drive contactless mobile payments in UAE.

RAKBANK has enabled all their terminals to accept UnionPay contactless payments where cardholders can use their mobile wallet, like ApplePay, and mobile banking APP or contactless cards.

The partnership will significantly increase the acceptance touch points across the region and make the United Arab Emirates the first major market outside Mainland China, which is completely contactless ready.

Shehzad Hameed, MD of Retail Banking at RAKBANK said, “At RAKBANK, our customers are at the heart of everything we do. This partnership with UnionPay aligns perfectly with our mission to provide a seamless customer experience. We understand the importance of a secure and user-friendly payment option, and through this collaboration, we aim to offer our customers unrivaled convenience and peace of mind. This strategic partnership represents a significant step forward in the financial services industry in the UAE, and we are thrilled to be at the forefront of this digital evolution.”

The contactless payment solution is aimed at UnionPay cardholders visiting the UAE as well as UnionPay cardholders living in the UAE. They can now enjoy a cost-effective, secure, and seamless payment experience at the point of acceptance.

RAKBANK, through this partnership, has integrated with UnionPay’s robust network and advanced payment technology to provide UnionPay card payment acceptance to RAKBANK’s merchants.

This tap-and-go payment experience will also empower the merchants of RAKBANK to accept cards not only issued from China but also from a growing network of 75+ countries where UnionPay has established a strong card issuance business.

James Yang, General Manager of UnionPay International Middle East said, ” The contactless payment experience for Chinese customers will give them a feel of making payments like they do in their home country using mobile banking app, ApplePay, Samsung Pay, Huawei Pay, Mi Pay and physical UnionPay contactless payment cards. We are confident that this new solution will open up some new categories of merchants who are willing to accept UnionPay cards in the country in a secure, faster and seamless payment experience.”