Visa partners with ADCB to accelerate contactless payment technology ‘payWave' in the UAE

payWave initiative in line with UAE’s move towards “smart commerce” 

Abu Dhabi, 11 October 2014 – In line with the UAE’s Smart City initiative that has seen the launch of Masdar City (Abu Dhabi) and the Smart City project (Dubai), Visa Inc. (NYSE:V), the global leader in electronic payments, has partnered with Abu Dhabi Commercial Bank (ADCB), one of the leading financial institutions in the UAE, to accelerate payWave technology for its credit cardholders in the country. 

Visa payWave is the latest in contactless payments technology which makes it easier for cardholders to pay for their purchases at merchant locations. For merchants, Visa payWave enables greater speed and convenience at checkout, which helps in increasing customer loyalty and sales. With the new ADCB payWave enabled credit cards, Visa cardholders will be able to conduct a contactless transaction – by simply waving their Visa cards over a secure reader - to pay for purchases at any payWave enabled merchant location globally. 

As ADCB, one of the largest issuer by cards in force, commits its entire card base to payWave, a significant acceleration is expected in the number of terminals available in the UAE, as this represents an opportunity for merchants and acquirers.

Kaizar Patla, Head of Retail Assets at ADCB, said: “ADCB continually brings innovative solutions to its customers across the UAE. Our partnership with Visa and the immediate adoption of the payWave technology across all of our cards is a testament to our commitment to bringing new technology to the region. The banking industry is in the midst of a technology transformation and ADCB is proud to partner with the global leader in electronic payments for the next phase of growth.”

Marcello Baricordi, Visa's General Manager for the UAE and Global Accounts Lead MENA, said: “Visa is committed to develop new, secure and convenient payment solutions for consumers across the world. We are proud to partner with ADCB in the UAE to encourage contactless payments that are designed to replace cash in busy retail environments where speed, convenience and payment security are of paramount importance.” 

He added: “Visa payWave is becoming the norm at many merchant locations worldwide especially at fast food restaurants, convenience stores and public transport. Cardholders will simply need to hold their cards close to secure contactless reader for the payment to be processed and the transaction will be completed in a matter of seconds.“