RAKBANK and Mastercard have renewed their collaboration agreement to support the development of digital payment solutions across retail, business, and wholesale banking, with a focus on improving payment experiences for consumers and businesses.
The renewed agreement builds on the long-standing relationship between the two organizations and will support the introduction of new payment capabilities, digital banking services, and customer-focused payment technologies.
Under the collaboration, Mastercard will support RAKBANK in expanding its capabilities across digital transactions, embedded commerce, and next-generation payment technologies. The initiative facilitates the UAE’s efforts to increase digital payment adoption and support the growth of the digital economy.
The partnership will introduce new features that allow customers to manage their payment cards through in-app controls, enabling them to personalize card benefits based on individual preferences.
Customers will also be able to manage card usage settings and access enhanced security features through advanced authentication technologies, reducing reliance on SMS-based one-time passwords.
The companies said that these enhancements are intended to provide customers with greater flexibility in managing their payment preferences while improving the overall digital banking experience.
For business customers, the collaboration includes enhancements to corporate and commercial card solutions designed to support expense management, supplier payments, cash flow management, and working capital requirements. The solutions improve payment efficiency for businesses across different sectors.
Raheel Ahmed Group CEO – RAKBANK
“Payments are becoming increasingly embedded into people’s lives. At RAKBANK, we are dedicated to being present wherever our customers choose to transact, whether in store, online, or through emerging digital ecosystems. Together with Mastercard, we will continue co-creating personalized and intelligent payment experiences that reflect our promise of Digital with a Human Touch.”
Dimitrios Dosis, President, Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard, underscored that, “Combining our global expertise and technology capabilities with RAKBANK’s digital and customer-centric approach, our collaboration aims to bring to life enhanced digital products and services designed to make everyday transactions simpler and more rewarding.”
The renewed agreement forms part of both organizations’ ongoing efforts to expand digital payment capabilities in the UAE.
