NatWest to convert debit cards to Mastercard; expands payments partnership
By Megha Bhattacharya
NatWest and Mastercard today expanded their payments partnership with the agreement to convert NatWest’s retail and business debit cards to Mastercard. The agreement includes all NatWest Group brands: NatWest, Royal Bank of Scotland, Ulster Bank and Coutts, totalling 16 million cards.
Kelly Devine, UK and Ireland Division President, Mastercard said, “We are excited to be building on our relationship with NatWest to bring Mastercard debit to their 16 million consumer and business debit cardholders. Today people have real choice in how they wish to pay, and we know that for an ever-increasing number of people their debit cards are their first preference for everyday spending. Our partnership with NatWest is further evidence that Mastercard’s payment solutions offer all the flexibility, security and convenience banks and their cardholders require in today’s digital age.”
According to NatWest, the partnership will allow it to focus on increasing payment choice to its customers across multiple payment rails. It will also strengthen Mastercard’s goal to increase the issuance of its debit cards across the UK and Ireland and will expand Mastercard debit to approximately one in three of all consumer debit cards in circulation by banks in the UK and one in four in Ireland, once card conversions are complete.
Salim Secretary, Head of Payment Schemes and Partnerships, NatWest Group said, “For the last year we have been extensively considering how we develop more tailored payment options for our customers. As part of this we will be extending our existing relationship with Mastercard beyond credit cards and into debit payments. We believe this partnership will enable us to offer more tailored payment options to our customers however they wish to pay – whether in store, online or via mobile devices.”
Recently, NatWest announced the launch of a new grant finder service in collaboration with Swoop. The new service is expected to allow UK businesses to search for grants in a bid to support their businesses during the COVID-19 pandemic. NatWest wants to provide SMEs with greater access to third party funding which is not in the form of debt. It also aims to help connect these entrepreneurs with grant providers such as National Schemes, Local Authorities, Growth Hubs, Local Enterprise Partnerships (LEPs) and privately funded schemes.
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