- Cost-effective alternative to cash payments for retailers
- Partnership aims to encourage adoption of digital wallets as UAE moves towards a cashless society
Dubai, UAE: Mashreq Bank, a leading financial institution in the UAE, and Mastercard, a leading technology company in the global payments industry, have partnered to launch Masterpass QR, a safe and secure Quick Response (QR) mobile payments solution, accessible via the bank’s mobile application, Snapp.
With the launch, Mashreq Bank will become the first bank in the world to offer users the choice to make secure contactless and Masterpass QR payments using the same mobile banking app.
The user-initiated mobile payment solution is a cost-effective alternative to cash payments for consumers and retailers alike, and will further drive the shift towards a cashless society within the UAE.
Mashreq customers will now be able to link any of Mashreq credit or debit cards to the Masterpass QR feature in their Snapp app without the need to transfer funds to any other stored value account. Customers simply need to scan the QR code displayed at a merchant’s checkout via their mobile banking app and confirm the payment on their smartphone.
The partnership marks the launch of the UAE’s first QR code payment solution compliant with EMVCo QR standards that will make the solution interoperable with other Masterpass QR users globally. In subsequent phases, this feature will enable international visitors to pay with Masterpass QR at Mashreq Bank merchants, while allowing Mashreq Bank customers to make QR-based payments when traveling abroad, which means that they no longer need to carry cash or their physical bank cards to make payments while traveling. Similarly, other UAE banks adopting Masterpass QR will also be interoperable with this solution.
Commenting on the launch, Aref Al-Ramli, senior vice president, head of digital banking and innovation at Mashreq Bank, said: “As the UAE continues to transform into a smart nation, Mashreq leads the way in launching smart and innovative financial solutions that make everyday payment experiences for consumers simpler and faster. The Masterpass QR code service offers our customers the ability to pay instantly via their banking app, putting the power of the transaction directly in the customer’s hand. With the country’s digital wallets sector growing rapidly each year, we are confident that consumers will embrace the range of cashless options increasingly available to them.”
Pankaj Kundra, head of payments at Mashreq Bank added: “The future is cashless in the UAE, and Mashreq continues to diversify its range of digital payment solutions to build an ecosystem for the same. The QR code technology-based payment solution is our recent addition to our impressive product portfolio. This technology is universal in nature and has the added advantage of providing smaller retailers with a cost-effective digital payment option that offers real benefits over cash transactions. We are pleased to be the first acquirer of Masterpass QR in the UAE and aim to expand it across our merchant segments to help accelerate the growth of the digital payments ecosystem in the UAE. ”
Girish Nanda, General Manager, UAE & Oman, Mastercard, said: “Our partnership with Mashreq Bank to launch Masterpass QR in the UAE represents a major leap in our efforts to offer greater choice in retail payments and expedite the country’s transition towards a cashless economy. The innovative QR code payment solution provides increased convenience and safety to consumers when making payments, whereas it offers a broad range of merchants, including supermarkets, coffee shops, and quick service restaurant, a fast, secure and inexpensive way to accept payments. The low cost and easy-to-deploy technology will also bring new payment experiences to home deliveries in the UAE, where the e-commerce industry is expanding rapidly to hit a growth projection of $10 billion by 2018[1] and nearly one-third of consumers use restaurant or meal delivery services[2]. Mastercard remains committed to innovating technology to introduce solutions that bring the benefits of digital payments to even more banks, merchants, and consumers.”
Mashreq and Mastercard have currently partnered with a number of selected merchants in the UAE to allow consumers to pay using their Snapp’s Masterpass QR feature. The bank aims to roll out the service to a larger segment of merchants and offer instant rewards to its customers in the future. Mashreq Bank customers can download Snapp from Google Play and App Store.
-Ends-
About Mashreq
Established in 1967, Mashreq is the oldest Bank in the UAE with award-winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 26 overseas branches and offices across Europe, USA, Asia, and Africa.
Mashreq launched its new Vision and Mission in 2016, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region's most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for fifth consecutive years from 2014-2018. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.
For media enquiries, please contact:
Rana ElBorno
Public Relations, Mashreq
Tel: 04 –6083629
Email: RanaAlb@mashreq.com
OR
Zeeshan Masud / Shaleen Sukthankar
Weber Shandwick
Tel: +971 4 445 42 22
Email: Zmasud@webershandwick.com | Ssukthankar@webershandwick.com
[2] https://www.khaleejtimes.com/technology/More-UAE-consumers-relying-on-smart-services-
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