UnionPay contactless payments can now be accepted across all RAKBANK’s payment terminals in the UAE, the firms have announced.
The collaboration allows card holders to use their mobile wallet, like ApplePay, mobile banking APP or contactless cards with RAKBANK’s merchants, further driving contactless payments and acceptance touch points in the region.
The contactless payment solution is aimed at UnionPay cardholders visiting UAE as well as UnionPay cardholders living in the UAE. Presently, outside the Chinese Mainland, 38 million global merchants accept UnionPay cards, a four-fold increase since 2012, with four million new merchants added in 2022 alone. The company previously reported UnionPay card acceptance rates in APAC, Europe and North America to have reached 95%, 80% and 80% respectively. Up to 22 million online merchants in 200 countries and regions now use UnionPay for payments.
Shehzad Hameed, Managing Director of Retail Banking at RAKBANK said: “We understand the importance of a secure and user-friendly payment option, and through this collaboration, we aim to offer our customers unrivaled convenience and peace of mind. This strategic partnership represents a significant step forward in the financial services industry in the UAE, and we are thrilled to be at the forefront of this digital evolution.”
James Yang, General Manager of UnionPay International Middle East added: “The contactless payment experience for Chinese customers will give them a feel of making payments like they do in their home country using mobile banking app, ApplePay, Samsung Pay, Huawei Pay, Mi Pay and physical UnionPay contactless payment cards. We are confident that this new solution will open up some new categories of merchants who are willing to accept UnionPay cards in the country in a secure, faster and seamless payment experience.”