Mashreq launches mobile payment solution
Dubai, August 28, 2013
UAE-based Mashreq, a leading financial institution, has announced the launch of Mashreq Payport, the region’s first fully EMV chip and PIN compliant mobile POS solution.
For businesses that are dependent on cash to facilitate home deliveries or many other similar business segments, Mashreq Payport provides a convenient, secure and cost-effective solution, a statement said.
With Mashreq Payport, any standard smart phone can be converted into a full-fledged payment acceptance terminal, after downloading the Mashreq Payport app on the phone and inserting the card in the accompanying device.
To enable this convenience for the UAE market, Mashreq has partnered with MasterCard and with Swiff.
Farhad Irani, head of Retail Banking Group, Mashreq said: “Mashreq Payport is another relevant innovation along with Mashreq Go, Mashreq Max, Mashreq Snapp and many other recent innovations in retail banking.”
Nimish Dwivedi, head of Payments, Mashreq said: “Businesses will now get extremely easy and secure solutions for their home delivery mobile sales force or many such business verticals which are cash dependent. We are proud to have Al Maya Supermarket, Pizza Express, Cold Stone Creamery, Popeyes and Champion Cleaners as launch partners for this market defining innovation.”
Ravi Bhardwaj, head of Market Development, Mena, MasterCard said, “Retailers and consumers alike are fast embracing innovative new payment solutions, and mobile devices have become a preferred platform to conduct payments.
“In fact, the UAE ranks seventh in MasterCard’s Mobile Payments Readiness Index, supported by its advanced regulatory structure and mobile payments infrastructure. This solution opens doors for retailers of all sizes, allowing them to take advantage of the world's fastest payment processing network both in-store and off-premises.”
Jérôme Clé, CEO and Founder of SCCP Group said, “We are proud that such an outstanding bank as Mashreqbank, partners with Swiff to launch one of the first Chip and PIN solutions in the Middle East.”
“We are confident that with our mPOS solutions, Mashreqbank will increase the acceptance and visibility of mPOS in the United Arab Emirates, which will bring a great benefit to merchants and end-customers. This partnership rewards both our technology based upon unique security standards and our strategy to promote mPOS to the Middle East,” he added. – TradeArabia News Service