Mashreq Bank Drives Innovation With Alipay Payment Partnership

Press release
Published March 20th, 2018 - 07:50 GMT
Pankaj Kundra, Head of Payments Mashreq
Pankaj Kundra, Head of Payments Mashreq

Mashreq Bank, the UAE’s leading financial institution, today announced its partnership with Alipay, the world’s largest online and mobile payment platform operated by Ant Financial Services Group. This, first-of-its-kind association with Alipay, enables Chinese customers carry out payments at merchant outlets using their Alipay digital wallets. This reaffirms Mashreq’s position as a leader in digital payments and innovation in the UAE.

 

Alipay currently has over 600 million active users in China and almost all Chinese tourists travelling overseas are Alipay users. According to Dubai Tourism, UAE represents one of the fastest-growing tourist destinations for the Chinese, with 41 per cent increase in the number of Chinese visitors last year. Recent developments like visa on arrival will add further impetus to the growing number of Chinese tourists in the country.

 

Commenting on the launch, Pankaj Kundra, Head of Payments at Mashreq Bank said, “We are pleased to bring Alipay to the UAE. The UAE remains a popular tourist destination, having hosted an estimated 700,000 Chinese tourists in 2017 and growing at an exponential rate. The launch of Alipay allows retail merchants in the UAE target Chinese customers and offer them a seamless payment experience of using their Alipay digital wallets, something they are comfortable and familiar with.”

 

“At Mashreq Bank, we are constantly focused on expanding the scope of digital payment options for our merchant partners as well as customers. As one of the first banks to offer this service in the UAE, Mashreq ensures that retailers will benefit by attracting more Chinese customers with this unique payment solution”, added Mr. Kundra.

 

Li Wang, Head of Alipay EMEA said, “As the largest digital payment platform in China, Alipay not only supports cashless payment, but also an ideal marketing platform for overseas merchants to reach their potential customers in China, before and during their journey. Chinese visitors can receive location-based merchant information, collect exclusive coupons, and enjoy value-added services such as instant tax refund at airports. Alipay is excited to work with Mashreq and its merchants together to bring better experience to Chinese visitors.”

 

Launched in 2004, Alipay is expanding to in-store, offline payments both inside and outside of China. Over 40 million brick-and-mortar merchants now accept Alipay across China. Alipay’s in-store payment service for Chinese mainland visitors covers 40 countries and regions across the world.

 

Customers can visit the following retailers in the UAE to use Alipay: Galeries Lafayette, Le BHV Marais, Calvin Klein, At the Top Burj Khalifa, Rivoli, Tommy Hilfiger, Juicy Couture, New Balance, Beverly Hills Polo Club, Tim Hortons, and more.

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.

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