Etisalat, MasterCard Worldwide join forces for cashless Mobile Payments

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Etisalat and MasterCard Worldwide have collaborated with industry leaders to announce cashless mobile payments programme in the UAE. This latest evolution in mobile payments uses Near Field Communication (NFC) technology to authorize everyday transactions via a Smartphone. At GITEX 2011, Etisalat and MasterCard provided a preview of the commercial introduction of an NFC service developed in conjunction with Network International, Oberthur Technologies and Research in Motion (RIM).

To make a purchase, consumers holding a BlackBerry Bold 9900 with an NFC enabled Etisalat SIM will simply need to tap their smartphone at any MasterCard PayPass Point-Of-Sale (POS) terminal. For security protection, consumers will be prompted to enter a PIN on their mobile phone before completing a transaction.

Raghu Malhotra, GM, Middle East, MasterCard Worldwide said, "We are delighted to join forces with industry leaders to make this milestone announcement. This product has the potential to significantly change the way consumers in the UAE make payments".

Sandeep Saihgal, MD, RIM Middle East said, "NFC technology is set to be a major market mover for the mobile sector over the next five years and RIM is working in close collaboration with Etisalat and MasterCard to help make the concept of mobile commerce become a reality in the UAE. The new line-up of BlackBerry 7 smartphones includes various models that are NFC-enabled and demonstrates RIM's commitment to enabling NFC-based experiences on BlackBerry."

Rashid Al Abbar, VP, Home Product said, "This is just the beginning of a new era in how we make payments in the UAE. Soon your mobile will buy you lunch, a cinema ticket, transport and much more. It could become the single solution for many of your purchase needs in the very near future."

Ram Chari, CEO, Network International said, "Contactless payment is the new generation payment technology with the capability to change the way customers shop at POS terminals. Driven by NFC mobile phones, this technology will witness increasing penetration in the next couple of years. Having been at the forefront of innovative card management solutions, Network International will be working closely with Etisalat and MasterCard to lead the revolution in payment technologies and supply this product to financial institutions."


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