MasterCard has unveiled MasterPass which offers a convenient and secure way to make payments online. The residents of the United Arab Emirates will now be able to enjoy a speedy and secure solution for online payments. MasterCard is collaborating with three local banks: RAK Bank, Mashreq Bank and Emirates NBD for this service.

Digital wallets will be powered by MasterPass which enables customers to store all information in one place. This includes MasterCard details, other branded payment cards, shipping and billing address details. The new initiative offers hassle-free transactions with convenience, since customers no longer have to add details on every purchase.

Customers need to register online in order to sign up for this service with their preferred issuing bank. Once the request has been processed, customers will be able to access their digital wallet when they shop at any participating merchant’s website. One of the added advantages of using this service includes the ability to protect sensitive and personal information over potentially unsafe networks. This allows consumers to conduct transactions in a safe and secure manner.

Eyad Al-Kourdi, Country Business Head in UAE for MasterCard, said that e-commerce has come to play a very important role in UAE’s economy, which means that the industry is evolving new methods to make payments online. He further said that MasterPass offers checkout at the press of a button from the customer’s preferred digital wallet and makes the authentication process simpler and hassle-free. He also said that latest digital payment solution could effectively change the shopping experience for consumers. Al-Kourdi quoting a research said that over 67 percent of online purchases are abandoned before completing the payment process owing to concerns regarding security, which means that if the payment process is simplified, it is likely to increase e-commerce sales in the region.

MasterCard with its new service aims to enhance customer experience, since it offers customers a fast and easy way to make payments. Novo Cinemas has already accepted MasterPass as a payment method at checkout, with more merchants joining in every day. MasterPass will also allow access to in-app and in-store purchases.