Partnerships / Acquisitions

Bank Audi And Verifone Partner For Cashless Payments In Lebanon

Lebanon's largest bank is teaming with Verifone to bring cashless payment options to the country.

Lebanon’s largest bank, Bank Audi, and Verifone, a global payments and eCommerce solutions provider, are teaming up to bring cashless payments to one of the Middle East’s largest markets, according to a joint statement issued by both companies on Wednesday (Aug. 17).

The two companies announced plans to provide point-of-sale devices to thousands of merchants in Lebanon to give the country’s expanding retail market access to new payment options and cashless commerce technology.

“We are delighted to offer the new and easy-to-install Verifone devices that enable our merchants to benefit from contactless and mobile payment acceptance,” Randa Bdeir, group head of ePayment solutions and card services at Bank Audi, said in the statement. “Ultimately, we are providing consumers with better, faster and more convenient ways to pay, and this is a great complement to our strong card business. Verifone’s commerce-enabled devices will encourage the uptake of new POS-based services in Lebanon, including eLoyalty and targeted promotions for a more personalized shopping experience.”

The Verifone VX520 and VX680 devices will work with near-field communication technology that both companies said they believe will help enhance consumer loyalty and repeat business. The devices are “ergonomically designed” and will come with fast processing speed to streamline the checkout experience further for consumers.

“As Lebanon’s premier bank, Bank Audi is a pioneer and market leader in cards and ePayments, offering some of the most innovative merchant solutions,” Özgür Özvardar, vice president and general manager of Verifone MENA, said in a statement. “We are helping to accelerate their vision for building the next-generation retail infrastructure as Lebanon moves towards service-rich mobile and cashless payments.”

The two companies are expected to begin rolling out these POS devices in the second half of 2016.

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