Lebanon Businessnews News

Tap2Pay technology soon to be active
MasterCard, Bank Audi, Alfa, and Touch Partnership
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Bank Audi has partnered with MasterCard, Alfa and Touch, to introduce a new cashless mobile payment solution, called Tap2Pay. The partnership was signed during the Mobile World Congress that took place in Barcelona, Spain on February 24. This latest development in mobile payments uses Near Field Communication (NFC) technology to provide consumers with a way to conduct everyday transactions quickly and easily.

This evolution in mobile payments is the first NFC mobile payment service in the country which is built on a Mobile SIM and includes a MasterCard PayPass smart card chip. The Tap2Pay service, which will soon become active in Lebanon, will allow cardholders to pay for goods by using their Smartphone at any MasterCard contactless payment terminal at retailers in Lebanon and around the world.

Whether enabled via a phone, card, or other device, MasterCard’s contactless technology offers a way to pay by tapping common smart devices on a specially-equipped merchant terminal.

Currently, there are 2,100 contactless terminals across the country that have the capacity to accept NFC payments. These are available at supermarkets, retail stores, gas stations, restaurants, theaters and tourist attractions. As Bank Audi ramps up investment to roll out new terminals, this number is set to increase to 3,000, by the end of this year.

Mobile users of Alfa and Touch, who have NFC-enabled devices, will be able to use this technology. The user-interface will allow cardholders to pay with their phones, check their transactions history and change their passwords.

Reported by Rana Freifer
Date Posted: Feb 27, 2014
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