Under the deal, MasterCard will provide consulting services to ACUD in the field of electronic payments, while offering the necessary technical expertise for the operation of advanced technological solutions, according to a press statement on January 15.

According to the statement, the partnership will be implemented over three phases; the first of which includes studying the objectives of ACUD, determining priorities, and developing a working map, as well as setting a criteria for choosing one or more banks for the service’s provision.

The second phase is identifying the actual development of a business model and optimal operating model as well as developing solutions in cooperation with banks, which will be selected according to the criteria that was identified in the first phase. The third phase implies identifying mechanisms of the management of smart card service and follow-up implementation.

Additionally, the ACUD noted that the partnership aims to build a non-monetary economy through providing the appropriate systems and solutions that are compatible with the culture of citizens to encourage them to use electronic payments. Moreover, the partnership targets maximizing financial returns and the ability to collect fees of the ACUD.

The statement noted that the duration of the first phase is one month from the date of signing the partnership agreement in which an integrated study of what will be implemented will be presented.

“MasterCard is committed to ensure that all solutions are integrated with the city management system based on Continuum of Care (CoC) and allow the use of all types of competitive cards,” the statement read, adding “The term of the agreement is ten years during which MasterCard is a strategic partner for ACUD and smart MasterCard cards that will be issued by a national bank will be used by residents and employees in NAC.”

Moreover, ACUD has the right to use the logo of MasterCard as a strategic partner when announcing any payment means in NAC during the period of the agreement.