NEC Payments just announced that it has achieved its Mastercard Membership status. But what does this mean? And why’s it a big deal?
According to a press release by NEC Payments, adding the card issuing capability that’s delivered by Mastercard to its regulatory status as a Central Bank of Bahrain-licensed Card Processor and Payment Services Providers is quite beneficial to NEC in a number of ways including: Mastercard EMV chip & PIN, contactless, and virtual payment cards to accompany the digital accounts hosted on the company’s dynamic technology. In addition, this membership extends NEC’s flexibility and agility, and will further strive towards building innovative and value-added digital alternative to traditional bank products.
Andrew Sims, CEO, NEC Payments stated that the financial services industry is rapidly changing due to the advancement in technology and that new demands are 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,” he said.
He also adds that the Mastercard principal membership is a natural complement to the regulatory licenses NEC holds and for the technologies, they have developed. According to him, this membership will enable NEC to increase the pace of their product development and roll-out plan.
Samrat Raj, Country Manager, Bahrain at Mastercard also commented on the membership saying: “We are pleased to welcome NEC Payments as a principal 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.”