MasterCard has launched its digital payment system MasterPass in the United Arab Emirates.
MasterCard customers in the UAE will now be able to store all their MasterCard or other branded payment card information, as well as shipping and billing address details, securely in one place. This will stop them having to constantly re-enter payment information each time they make a purchase online, making the entire process quicker and more secure.
With a single click, tap or touch of the MasterPass button at checkout, consumers can access their preferred digital wallet and authenticate a payment,” says Eyad Al-Kourdi, Country Business Head for UAE at MasterCard.
MasterCard has partnered with three local issuing banks including RAK Bank, Mashreq Bank and Emirates NBD.
In order to sign up, customers must register online with their preferred issuing bank. Cardholders will then be able to access their digital wallet when they shop at any participating merchant’s website by selecting “Buy with MasterPass” as the payment option at checkout.
Over 67 per cent of online purchases are abandoned before completing the payment process. As e-commerce rapidly increases in the UAE, merchants will be searching for a solution to online shopping basket abandonment,
“With the checkout process reduced to a few clicks or taps, merchants can look forward to fewer customers discarding their online shopping trolley,” Al-Kourdi added.
MasterPass users can shop internationally at the over 60,000 online merchants around the world that accept MasterPass, as long as their loaded payment cards comply with international standards.
Only two retailers have signed up to MasterPass in the UAE – Novo Cinemas and Aido.com – but MasterCard says that many more major retailers will soon adopt the system. MasterCard is also planning to include in-app and in-store purchases, the company said.
First launched in 2013, MasterPass is available in thirteen countries including the USA, UK, Australia, Canada, China, Czech Republic, Italy, New Zealand, Poland, Romania, Singapore, South Africa, Taiwan and now in the UAE.
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