UAE goes cashless

AME Info reports.

The companies, together with Network International, Oberthur Technologies and Research In Motion, have developed an NFC service that transforms smartphones into virtual payment cards.

BlackBerry Bold 9900 handset users with an NFC-enabled Etisalat SIM can make purchases by tapping their smartphones at any MasterCard PayPass point-of-sale terminal.

According to Gulf News, brands such as Costa Coffee, Burger King and Seattle's Best Coffee have already signed up for the cashless system. Etisalat is also in talks with the Dubai Roads and Transport Authority to allow NFC phone users to tap their way onto public transit, such as the Dubai Metro.

Raghu Malhotra, GM, Middle East, at MasterCard Worldwide, says in a CPI Financial report that the product will change the way consumers in the UAE make payments.

"MasterCard has led the transformation of mobile phones into secure mobile payment devices, providing consumers with a quick, secure and convenient payment option. We are excited that, together with Etisalat, we are playing a key role in transforming the payments landscape in the UAE," he adds.