Mastercard and UAB partner to accelerate payments innovation in the UAE

By Edil Corneille

Today, United Arab Bank (UAB) and global payment technology company Mastercard announced an agreement that sees Mastercard become the preferred and exclusive partner for credit, debit and commercial cards issued by UAB.

The partnership supports the bank as it confidently continues charting a growth path, based on an ambitious digital strategy, supported by Mastercard’s extensive range of innovative payment solutions, global network, and portfolio of value-added services.

Ahmad Abu Eideh, Chief Executive Officer at United Arab Bank enthused, “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.”

“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,” Girish Nanda, Country Manager, UAE & Oman, Mastercard enunciated.

Digital payments continue to show an upward tick in the UAE, as the COVID-19 pandemic has further propelled it, with consumers increasingly embracing cashless payments, contactless interactions, ecommerce and mobile wallet transactions for day-to-day purchases. Recent Mastercard data shows that 71 percent of UAE consumers believe that hygiene concerns with cash will remain even once the pandemic is over.

Together, Mastercard and UAB are committed to responding to the changing consumer behavior by offering the bank’s customers with the latest payments innovations and bringing to them a portfolio of debit and credit cards that make everyday purchases secure, seamless and rewarding. As part of its commitment to improve customer experience, UAB has recently introduced a cashback scheme enabling cardholders to receive cash-back rewards on all purchases, in addition to a range of benefits, from shopping protection to travel coverage.