Mashreq Announces Launch of MashreqPay

Press release

Published July 31st, 2017 - 09:41 GMT

Subroto Som, Head of Retail, Mashreq

Mashreq Bank on Sunday announced the launch of MashreqPay — a digital mobile wallet providing secure easy-to-use payment for purchases that can be used anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability.

The new wallet works on Android phones and offers market-first features and a loyalty programme, which works at local and international merchant outlets. The wallet functions even without a mobile internet connection. Purchases can be done by just unlocking the mobile phone, and holding it near a merchant terminal.

Card details are not stored in the wallet. Instead every card is tokenised, which means the 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.

Source: Gulf News

Background Information

Mashreq

Mashreq has provided banking and financial services to millions of customers and businesses since 1967.

We are one of UAE's leading financial institutions with a growing retail presence in the region including Egypt, Qatar, Kuwait and Bahrain. We focus on providing our customers access to a wide range of innovative products and services.