The partnership will expand existing relationships, and deliver enhanced payment experiences to NatWest cardholders
NatWest to switch all debit portfolios to Mastercard. (Credit: Mastercard.)
National Westminster Bank (NatWest) has agreed to convert all its retail and business debit cards to Mastercard, expanding its existing partnership with the payments company.
The agreement involves all of NatWest Group brands, including NatWest, Royal Bank of Scotland, Ulster Bank and Coutts, totalling 16 million cards.
Mastercard and the bank have been maintaining a deep working relationship through their existing credit card issuing partnership.
In addition to expanding the existing relationships, the partnership is expected to deliver payment innovation and enhance the digital payment experiences to cardholders.
Also, the deal would further strengthen Mastercard’s goal of increasing the issuance of its debit cards across the UK and Ireland.
NatWest Group payment schemes and partnerships head Salim Secretary said: “For the last year we have been extensively considering how we develop more tailored payment options for our customers.
“As part of this we will be extending our existing relationship with Mastercard beyond credit cards and into debit payments. We believe this partnership will enable us to offer more tailored payment options to our customers however they wish to pay – whether in store, online or via mobile devices.”
With the agreement, Mastercard debit is expected to expand to one in three of all consumer debit cards issued by banks in the UK and one in four in Ireland, post-conversions.
The companies are planning to bring new safe and convenient digital payment solutions to customers, as they continue spending more via mobile and online channels.
According to Mastercard, around 200 million consumers are using Debit Mastercard each day, to make instore, online and in-app payments across 43 million locations in Europe.
Debit Mastercard supports purchase with cashback, and can be used for cash withdrawals and balance enquiries at ATMs.
Mastercard UK and Ireland division president Kelly Devine said: “We are excited to be building on our relationship with NatWest to bring Mastercard debit to their 16 million consumer and business debit cardholders.
“Today people have real choice in how they wish to pay, and we know that for an ever-increasing number of people their debit cards are their first preference for everyday spending.
“Our partnership with NatWest is further evidence that Mastercard’s payment solutions offer all the flexibility, security and convenience banks and their cardholders require in today’s digital age.”