MasterCard has collaborated with Bank Audi, Lebanese mobile network Alfa and Touch, a mobile telecommunications operator, to launch a new cashless mobile payment solution for consumers in Lebanon to manage quick and secure daily transactions using their smartphones.

The new Tap2Pay cashless mobile payment service will be made available later this year.

Using NFC technology, the new Tap2Pay service will also enable merchants to operate more efficiently, reduce the risks associated with cash handling, and differentiate themselves from competitors.

The new Tap2Pay service allows Bank Audi customers to make payments by simply taping their NFC-enabled smartphone at any MasterCard contactless Point-of-Sale (PoS).

Using the new technology, Touch and Alfa SIM card users can also pay with their NFC enabled mobile phones, check their transactions history and change their passwords.

Bank Audi e-payment solutions and card services head, Randa Bdeir, said: “This latest evolution in mobile payments, which we will introduce in partnership with MasterCard, Alfa and Touch, is the first NFC mobile payment service in the region which is built on a Mobile SIM and includes a MasterCard PayPass smart card chip.

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“The Tap2Pay service will allow cardholders to leave their cards and cash at home and pay for goods efficiently and securely using their smartphone at any MasterCard contactless payment terminal at retailers in Lebanon and around the world.”