RAKBank Launched its First Contactless Payment Card

Published Date: Feb 2016

The first contactless payment card by RAKBank has been launched. RAKBank RED MasterCard Credit Card, which is globally accepted, does not charge any fees to users. In addition, it offers discounts on local as well as international transactions and one free remittance to India using RAKMoneyTransfer. Cardholders can make payment by tapping the card at POS terminals in few seconds, which saves a lot of time. Under RAKBank’s “Dream It. Live It.” rewards programme, the cardholders will be benefited from various offers at restaurants & outlets across UAE and insurance covers. Industrial experts are studying contactless payment card market and focusing more on drivers & opportunities.

Ian Hodges, Managing Director of Retail Banking at RAKBANK said, "RAKBANK is committed to empowering customers with technology-based solutions that save their valuable time and money. We always strive to offer our customers a convenient and hassle-free banking experience whether through our award-winning Mobile Banking, MobileCash, and web chat solutions, or with our recently launched MasterCard contactless Tap & GoTM facility via the RAKBANK RED MasterCard Credit Card."

Contactless payment cards are widely used in Europe for making payment for tickets in public transport sector. The number of payments through contactless payment cards in 2014 increased by 155 percent. The number of payments through contactless cards are expected to grow nine times from 2014 to 2020 in Europe. Eyeing to the tremendous growth in number of payments made in 2014 in Europe, RAKBank launched their third credit card in last 12 months. Technological advancements drive contactless payment card industry.

Many studies have been done to analyze current and future market status of the contactless payment card industry. Recently, Prof Research Reports has added a report titled “2015 Contactless Payment Card Industry Report - Global and Chinese Market Scenario.” The report offers an extensive analysis of industry chain structure, economic parameters, investment feasibility analysis, and detailed segmentation of the industry.

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