Amsterdam, May 24, 2016 – Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, has been chosen by RAKBANK, one of the oldest and most dynamic banks in the UAE, to support its migration to contactless EMV payments to benefit from this system’s speed, convenience and security. Gemalto is supplying RAKBANK with its proven dual interface cards, which will be personalized by the Bank using the already implemented Gemalto Dexxis issuance system.RAKBANK is initially deploying the cards for the launch of its new RED MasterCard, offering customers all the benefits of swift ‘tap and go’ transactions, alongside an attractive package of loyalty and saving programs. Afterwards the bank’s entire payment card portfolio will be upgraded to dual interface technology..
Adoption of Gemalto contactless cards puts RAKBANK at the forefront of the powerful trend towards contactless payments that is evident across the Middle East and Africa. Latest research shows that 272 million contactless cards will have been issued in the region by 2019, with an annual growth rate of 45%.The deployment of contactless terminals mirrors this, with an annual growth rate of 48%1.