Mashreq Bank will be the first bank in the Middle East to launch UnionPay's contactless payment service.
Dubai, UAE, 09 January 2016: Global payment network UnionPay International and Mashreq Bank have announced a collaboration to bring QuickPass – UnionPay's secure and efficient proprietary contactless payment service – to the United Arab Emirates for the first time.
QuickPass enables consumers to pay for goods and services by tapping their QuickPass card at a Near Field Communication (NFC) point-of-sale (POS) terminal. The card uses technology to provide a secure method to make purchases via a credit or debit card without the need to enter a PIN number, vastly improving the speed of the transaction.
Han Wang, General Manager at UnionPay international Middle East, said: “Our partnership with Mashreq Bank further demonstrates our commitment to expanding our operations in the Middle East. The UAE is a popular destination for Chinese visitors and as such, the demand for UnionPay products and services has increased.”
Mashreq Bank operates one of the largest NFC POS terminal network in the Middle East region and UnionPay NFC cards have been issued both in and outside mainland China. All new UnionPay cards in the UAE are being issued with NFC technology.
“The roll out of QuickPass in the UAE not only offers an innovative and convenient payment service for Chinese residents, tourists and traders, but will also attract new customers across the region as we look to increase the circulation of UnionPay cards locally. Mashreq QuickPass is a significant milestone for us, and will only serve to accelerate our growth across the Middle East,” Mr Wang added.
UnionPay and Mashreq Bank have a longstanding relationship spanning almost 10 years, with Mashreq being one of the first banks in the region to accept UnionPay issued credit and debit cards through its ATM and POS network in 2007.
Pankaj Kundra, Head of Payments, at Mashreq Bank commented: “As one of the largest issuers and acquirers in the country, Mashreq has been a pioneer in building the contactless ecosystem in the U.A.E through thousands of NFC enabled terminals as well as the UAE's 1st and only NFC-sticker solution - TAP n GO for customers. With NFC payments growing rapidly in the U.A.E, this first-in-the-region launch of QuickPass will add significant value to Mashreq's merchants, Union Pay card holders in the U.A.E as well as cardholders who visit the UAE from across the globe. The launch of QuickPass is a re-affirmation of our strategic partnership with UnionPay and is the first of many innovative payment initiatives lined up for the rest of the year.”
With enabled card acceptance in 160 countries and regions and with issuance in more than 40 countries and regions, UnionPay International provides high quality, cost effective and secure cross-border payment services to a growing number of global cardholders and merchants.