Mashreq Bank and Mastercard launch tap on phone for small businesses in UAE

Mashreq becomes the first bank in MENA region to introduce Tap On Phone to enable payment for small business, as part of a wider SME in a Box solution roll out

Mashreq Bank and Mastercard launch tap on phone for small businesses in UAE

DUBAI: Mashreq Bank and Mastercard have partnered to announce the launch of Tap On Phone, their new offering for Small and Medium Businesses (SMEs). The innovation, rolled out with the support of and enabled via Mastercard’s Payment Gateway Technology, is part of a wider omni-channel SME in a Box service launched earlier this year in the Middle East & Africa region.

Recent Mastercard Contactless Consumer research revealed that 82% of UAE shoppers consider contactless to be their preferred method of payment. Nearly 64% of respondents confirmed that the pandemic has led them to use less cash, and 81% said they will continue to use digital forms of payment once the pandemic is over, pointing to a long-term behavioral shift.

Many local micro and small merchants in the country are currently not accepting digital payments, despite the safety, convenience and value it could bring businesses in increasing sales. Traditional point-of-sale (POS) systems, often used by large retailers, can be expensive and time-consuming to set up, learn and navigate.

Tap On Phone is a simple and cost-effective digital payment technology developed to cater to the needs of micro and small businesses specifically in the food and beverage industry and services like food delivery and farmers markets.

Mastercard’s Tap on Phone solution easily turns Android smartphones into secure payment acceptance devices for contactless cards, mobile wallets and even smartwatches — with no additional equipment or setup-related costs. Businesses can simply download the mobile app and offer it to their customers immediately, providing consumers with a checkout experience that is flexible, seamless, intuitive and secure.

Kartik Taneja, EVP – Head of Payments at Mashreq Bank said:’ The outbreak of Covid-19 is causing a strain on all businesses across industries and regions. Many small businesses that have traditionally accepted cash payments only, now need to adapt to new dynamics, by moving their businesses online and introducing new safer and more convenient methods of payment like contactless. Mastercard Payment Gateway Services have been our trusted partner for many years, and we are glad that by joining forces we were able to make this new solution available to thousands of small businesses in the UAE.’

Keith Douglas, EVP Payment Gateway Services at Mastercard commented: ‘Over 90% of UAEs business is generated by the SME sector, which has been truly affected by the current economic climate. Omni-channel solutions like SME in a Box, including Tap On Phone, bring a world of new opportunities to small enterprises in the region, often allowing them to compete with large retailers. We are proud to be launching this product with an innovative and forward-thinking partner like Mashreq Bank.’

Mastercard has democratized the point-of-sale, providing small, medium and large retailers with opportunities that redefine the customer experience and meet consumer demands. Mastercard’s Tap on Phone solution reinvents the in-store experience by providing more personal, agile services and further underscores the need for fast, seamless and secure checkout experiences that contactless payments provide. Mastercard’s Tap on Phone solution is in 16 markets across Europe, Asia Pacific, Latin America, North America and Middle East & Africa. Pilots are taking place with partners in Costa Rica, Hong Kong, Poland, Kazakhstan, Romania, Canada, Belarus, Russia, Turkey, United Kingdom, among other countries.  Turning a mobile device into an acceptance device unlocks tremendous opportunities for small, medium and large businesses by increasing access and reducing costs for merchants around the world.

Send us your press releases to

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases