The Administrative Capital for Urban Development (ACUD) will sign a partnership agreement with MasterCard to provide the New Administrative Capital (NAC) with electronic payments on Monday 21 January, according to a press statement on Tuesday.
The agreement states that MasterCard will provide consulting services to the ACUD in the field of e-payments in addition to necessary technical expertise for the operation of advanced technological solutions.
The company said that the partnership will be implemented in three phases. The first is studying the objectives of the ACUD, determining priorities and developing a work map, as well as determining a criterion for choosing one or more banks to provide the service. The second phase is identifying the actual development of a business model and optimal operating model in addition to developing solutions in partnership with banks, which will be chosen according to criteria that were identified in the first phase.
The third phase of the partnership includes identifying mechanisms from the management of the smart card service and the 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 e-payments. Moreover, the partnership targets maximising financial return and the ability to collect ACUD fees.
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 ensuring that all solutions are integrated with the city management system based on Continuum of Care (CoC) and allowing the use of all types of competitive cards,” the statement read. “The term of the agreement is 10 years in which MasterCard is a strategic partner for the ACUD and smart MasterCard cards that will be issued by a national bank will be used by residents and employees in the NAC.”
Moreover, the ACUD has the right to use the logo of MasterCard as a strategic partner when announcing any payment means in the NAC during the agreement period.