Bank Audi and MasterCard launch the “Tap2Pay – NFC Wearables, ” a first-of-its-kind payment solution in the Middle East, during a press conference held at Bank Audi headquarters in Bab Idriss on Tuesday, March 31.

This modern payment solution marks a new era for credit card payments in the region as it introduces MasterCard’s contactless technology that can now be used in watches and bracelets to make small-value purchases in a secure and convenient way. The announcement was made at a joint event in Beirut.

Under the umbrella of “Tap2Pay NFC series of contactless payment” launched by Bank Audi in 2013 to create a cashless society, this new development comes to complete the NFC contactless family which consists of: contactless cards, NFC mobile payment, and stickers for non NFC-enabled mobiles.

Michael Miebach, president, Middle East and Africa, MasterCard says in a press statement, “MasterCard recognizes the importance of being at the forefront of technological change by constantly providing consumers and businesses with new, innovative payment solutions that are safe, simple and smart. Launching these products and services is a testament to our commitment to the region through innovation and cutting-edge technology that we continue to bring to our consumers.”

Mrs. Randa Bdeir, group head of e-payment solutions and card services at Bank Audi sal, says, “NFC contactless payments have a major role to play in the replacement of cash in our region. The launch of a highly innovative payment device like this watch, in partnership with MasterCard, is just one of the ways of bringing fast, convenient and secure alternatives to cash to the Lebanese market.”

Bdeir continues, “Bank Audi’s Tap2Pay NFC payment technology is revolutionary because it has the ability to change consumer behavior. Today, we offer our Tap2Pay feature in non-credit card forms such as stickers, mobile phones and watches, offering consumers a broad range of payment alternatives where speed, flexibility and convenience are essential. Consumers can simply tap their new Tap2Pay NFC device on the contactless reader to make a purchase at more than 3000 merchant locations in Lebanon, as well as at any Paypass merchant outside Lebanon.”