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DUBAI / Emirates Business
The UAE’s market leader in innovation, Mashreq Bank, 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.
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. 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.