Mashreq Bank powers WeChat Pay in the UAE

The bank collaborates with Tencent Holdings Limited to offer the mobile payment service in the country

  
Kartik Taneja, EVP ndash; Head of Payments at Mashreq Bank.jpg

Kartik Taneja, EVP – Head of Payments at Mashreq Bank.jpg

  • The new proposition by Mashreq will enable Chinese tourists and residents to transact seamlessly and securely via its merchant network in the UAE

Dubai: Mashreq Bank, UAE’s leading financial institution, today announced that it will provide WeChat Pay acceptance at select partners across the UAE. This comes following an agreement between Mashreq and Tencent Holdings Limited, the official developer of WeChat.

The mobile payment service will be soon available at select Mashreq merchant partners across the UAE through the platform. Customers who have the Chinese digital wallet can pay bills, order goods and services, transfer money to other users, and pay in stores which support the WeChat Pay option.

Commenting on the launch, Kartik Taneja, EVP – Head of Payments at Mashreq Bank said, “As one of the leading payment acceptance service providers in the UAE, Mashreq is now offering WeChat Pay as a payment solution enabling customers to conduct transactions directly from their mobile devices as well as offering businesses a competitive edge to drive their growth by keeping pace with new technologies. As China’s leading mobile payment service provider with more than 800,000,000 active users, WeChat Pay offers a fast and efficient method of interaction between customer and merchant.”

At Mashreq Bank, we are continually focused on expanding the scope of acceptance options for our partners as well as prospective customers. Mashreq ensures that all retailers will benefit in attracting more customers with this unique solution.”

WeChat Pay also caters to the large number of Chinese residents and tourists in the UAE, allowing them the benefit of using this option to make a variety of cross-border transactions when outside of China. there is high potential to see WeChat Pay acceptance in the UAE. The latest offering by Mashreq will enable Chinese residents and tourists to transact seamlessly and securely via Mashreq merchant network in the UAE. Commenting on the launch, Jeff Hu, Regional Director, WeChat Pay EMEA said "WeChat Pay is very pleased to work with Mashreq, and we are hoping to jointly offer better experience for CHN visitors and more benefit for local merchants

WeChat Pay is incorporated into the larger WeChat application, the premier social media and payments application in China. Domestic and overseas versions of the app have a combined monthly active user base of 1.25 billion as of June 2021.

-Ends- 

About Mashreq

One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.

As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services. 

Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey  in UAE for Corporates and in the Middle East and Africa for the Financial Institutions , Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.

For media enquiries, please contact:
Rana Al Borno                                                                     
Public Relations, Mashreq                                                
Tel: 04 –6083629                                               
Email: RanaAlb@mashreq.com 

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© Press Release 2021

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