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Bahrain-based payment technology company NEC Payments now has a significant new accomplishment to show for. The company announced earlier this month that the global financial services provider had awarded it the MasterCard Principal Member status.

With this new development, NEC Payments has secured the right to issue MasterCard EMV chips and PIN, as well as virtual payment cards to compliment the company’s increasingly popular digital payment and accounts services.

Among other positive impacts, this new “vertically integrated” capability will also significantly enhance NEC Payments’ agility and flexibility across the full spectrum of its services. Additionally, it will also pave the way for the firm to innovate sophisticated and value-added digital alternatives to conventional banking and financial services products.

Speaking of this major new development for the company’s future, Andrew Sims, CEO, NEC Payments, said: “Mastercard principal membership is a natural complement to the regulatory licenses we hold and the technologies that we have developed, and it will enable us to increase the pace of our product development and roll-out plan. We are delighted and excited to have completed this major milestone in the development of our business capabilities”.

Licensed and regulated by the Central Bank of Bahrain, NEC Payments came into existence in December 2014 in Bahrain. As a global card processor and payment services provider, the company complies with all applicable international norms and quality & security standards including ISO27001 Information Security Management System, Payment Card Industry Security System, ISO9001 Quality Management System, and more.