UAE- Dubai, 30 July 2017: The UAE's market leader in innovation, Mashreq Bank, has announced the launch of MashreqPay - a digital mobile wallet providing secure easy-to-use payment for purchases, anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability.
Since 2014, when Mashreq launched the first mobile contactless payment wallet with its Tap-n-Go sticker, the bank has led the way in the evolution of digital payments. Today, Mashreq is once again forging new ground by launching the most advanced mobile wallet for Android phones, with unique market-first features and a best-in-class loyalty program, which works seamlessly at local and international merchant outlets.
1. UNLOCK & PAY:
MashreqPay is easy to set up – any Mashreq credit and debit card holder can simply log in to Snapp, and add their card details to the wallet with a single click. The wallet functions perfectly, even without a mobile internet connection. It is designed to deliver a seamless experience, as purchases can be done by just unlocking the mobile phone, and holding it near a merchant terminal.
For the first time, customers' security concerns have been well addressed, because the actual card details are not stored in the wallet. Instead every card is tokenized, which means the actual card number is converted into a random token number and the token number is stored in the wallet. This prevents hackers from skimming the card details to commit fraud.
MashreqPay has a unique offering of cash back and rewards, wherein discount vouchers and cashback will be credited to the wallet once customers' meet the minimum threshold spends. Mashreq aims to keep the program fresh, by regularly delivering exciting offers at desirable merchant outlets.
Subroto Som, Head of Retail Banking Group, Mashreq commented “The launch of MashreqPay marks a significant milestone in Mashreq's portfolio of innovative solutions, following the rollout of Cardless Cash, Card Control and Secure Mobile Digital Payments in recent years. Security and Convenience are at the core of MashreqPay.
When our customers use MashreqPay in a retail outlet, the merchants will no longer see your name, credit card number or security code, helping to reduce the potential for fraud. This demonstrates that we consider the customer's interest as our #1 priority, thus creating an exceptional payment experience for consumers and merchants. With its unique cashback and instant rewards, MashreqPay presents a compelling proposition to consumers who will never need to carry a card or cash again”.
Som added “Mashreq is already well reputed for its multi-award winning mobile application, SNAPP. With the launch of MashreqPay, we have enriched the ecosystem of digital, mobile and card payment options.”
Mashreq Pay is built in Mashreq's award winning mobile banking application Snapp and customers can get it by downloading or upgrading Snapp from the Google Play App Store. Once new version of Snapp is downloaded, customers can use the self-explanatory guide within Snapp to set up their Digital Wallet.