NEC Payments today announced that it has achieved Mastercard principal member status.
Adding the card issuing capability delivered by Mastercard to its regulatory status as a Central Bank of Bahrain-licensed Card Processor and Payment Services Provider enables NEC Payments to issue Mastercard EMV chip & PIN, contactless, and virtual payment cards to accompany the digital accounts hosted on the company’s dynamic technology. This ‘vertically-integrated’ capability significantly extends the company’s flexibility and agility, and will enable it to realise its objectives to build innovative and value-added digital alternatives to traditional bank products.
Andrew Sims, CEO, NEC Payments said “The financial services industry is going through a period of intensive change driven by the rapid advancement of technology, and new demand generated through financial inclusion and the social impact of Millennials and Generation Z. NEC Payments are positioned to fuel this change across Middle East & Africa with innovative digital consumer and business products and services built on our flexible and scalable FinTech platform. Mastercard principal membership is a natural complement to the regulatory licenses we hold and the technologies that we have developed, and it will enable us to increase the pace of our product development and roll-out plan. We are delighted and excited to have completed this major milestone in the development of our business capabilities”.
Samrat Raj, Country Manager, Bahrain at Mastercard echoed the remarks made by Sims, saying “We are pleased to welcome NEC Payments as a principle member. By helping the brightest fintech companies advance toward long-term success, we can develop the technologies of tomorrow together at an accelerated pace and drive further growth throughout the digital payments ecosystem.”
About NEC Payments
NEC Payments is a Payments Technology company formed in the Kingdom of Bahrain in December 2014. The company is licensed and regulated by Central Bank of Bahrain as a Card Processor and Payment Services Provider, and complies with international quality and security standards including the Payment Card Industry Data Security Standard (PCI-DSS), ISO9001 Quality Management System, and ISO27001 Information Security Management System.
The company has developed and operates a suite of innovative and disruptive digital banking and payment processing technologies. It supports the transformation of business and consumer financial services, displaces cash usage, and helps to promote financial inclusion by replacing legacy banking platforms with flexible and scalable born-in-the-cloud technologies that enable digital alternatives to traditional bank accounts and facilitate open-banking initiatives.
For further information please contact:
NEC Payments: Duaa Ammar, Digital Marketing Manager
T: +973 1720 3000
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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