United Arab Bank and Mastercard have announced a agreement which sees Mastercard become the preferred and exclusive partner for credit, debit and commercial cards issued by UAB. The partnership supports United Arab Bank as it confidently continues charting a growth path towards a promising future, based on an ambitious digital strategy, supported by Mastercard's extensive range of innovative payment solutions, global network, and portfolio of value-added services. With 82% of UAE consumers now considering contactless as their most preferred payment method, all new cards under the partnership will offer contactless capabilities.

Digital payments continue to show an upward tick in the UAE, as the pandemic of COVID-19 has further propelled this shift, with consumer increasingly embracing cashless payments, contactless interactions, ecommerce and mobile wallet transactions for day-to-day purchases. In fact, recent Mastercard data shows that 71 percent of UAE consumers believe that hygiene concerns with cash will remain even once the pandemic is over. Together Mastercard and UAB are committed to responding to changing consumer behavior by offering the bank's customers with the latest in payments innovations and bring to them a market-leading portfolio of debit and credit cards that make everyday purchases secure, seamless and rewarding.

As part of its commitment to improve customer experience, UAB has recently introduced a cashback scheme enabling Cardholders to receive cash-back rewards on all purchases, in addition to a range of benefits, from shopping protection to travel coverage.