Master Card recognizes Mashreq PayPort for revolutionizing the Region's Mobile Payments landscape

PayPort Wins The Best Use of Innovative Technology' Award for 2014

UAE - Dubai, 19th 0ctober 2014: Mashreq PAYPORT, the first fully EMV-compliant mobile Point of Sale solution in the UAE, won the award for ‘The Best Use of Innovative Technology' in the Middle East & Africa at the MasterCard Innovation Forum 2014, held recently in Singapore.

This is the second honor for MashreqPAYPORT within a year of its launch. PAYPORT was adjudged the ‘The Best mPayment Innovation'at the annual Smart Card & Payments Awards, Middle East 2014, earlier this year.This latest recognition only re-affirms Mashreq PAYPORT's status as the defining standard for mobile payment solutions in the region.

Nimish Dwivedi, Head of Payments, Mashreq said: “PAYPORT is a live example of an immensely successful, customer-centric & market defining product innovation in the UAE. The successive awards, at respected industry forums, only reflect & corroborate with distinction, Mashreq's inherent strength and ability to remain at the vanguard of innovation while creating value for both customers & the bank.”

Mashreq PAYPORT provides the most convenient, secure and cost-effective solution to businesses that are still dependent on cash as the mode of payment for their goods & services (home delivery, fast food counters, et al). With Mashreq PAYPORT, any smart phone can be converted into a payment acceptance terminal. All that a user is required to do is to download the Mashreq PAYPORT application once - and then insert the credit or debit card presented by the customer to complete the payment transaction, just like on any conventional Point of Sale terminal.

“Our innovation awards are intended to recognize our partners who have demonstrated a deep understanding of consumer needs and delivered relevant payment solutions across the region. As the UAE's first fully EMV-compliant mobile Point of Sale solution, PAYPORT exemplifies the kind of innovations that are changing the market's payments landscape, allowing retailers of all sizes to drive their business through the power of mobile devices,” said Raghu Malhotra, President, Middle East and North Africa, MasterCard.