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UAE's Rakbank to debut contactless EMV payment cards

June 2, 2016

Rakbank, a UAE-based financial institution, has teamed with Gemalto for its migration to contactless EMV payments. According to a press release, Gemalto will supply Rakbank with dual interface cards that will be personalized by the Bank using its existing Gemalto Dexxis issuance system.

Initially, the technology will be limited to Rakbank's RED MasterCard. Eventually, the bank will upgrade its entire portfolio with dual interface cards.

Research shows that 272 million contactless cards will have been issued in the region by 2019, with an annual growth rate of 45 percent. The deployment of contactless terminals mirrors this, with an annual growth rate of 48 percent, the release said.