Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Mashreq launches UAE's first NFC sticker solution  Join our daily free Newsletter

MENAFN - Khaleej Times - 04/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Mashreq a leading financial institution on thursday pioneered a uae first with the launch of tap n go ? the country?s first near field communication (nfc) sticker solution that is set to redefine the world of mobile payments

The tap n go sticker —the latest in the bank’s innovation stride and complementing the bank’s many technology-led achievements — makes low-value purchases “exceedingly simple” by converting any mobile phone of any generation into a credit card that can then be used to make contactless payments at thousands of retail outlets in the uae and abroad the bank said.



Shaker fareed abdul rahman zainal regional head of distribution and senior vice-president and farhad d irani during the launch of mashreq bank’s tap n go nfc solution in dubai on thursday. — kt photo by shihab


Farhad irani head of retail banking group mashreq said the tap n go is already accepted at over 4000 merchants and growing in the uae.


Within a year the bank expects at least 100000 of its over 200000 credit card customers using this new payment technology.


Irani said the sticker is powered by the latest nfc technology that helps it to communicate wirelessly and securely with payment terminals allowing transactions to be processed instantly. “simply fix the sticker to your phone and it is ready for use exactly like a credit card. all purchases less than dh100 require no signature” he said.


“just think about the way the smart phone has changed our lives in the past 36 months. it is true we are never more than one meter away from our phones in these demanding times. at mashreq we asked ourselves – if we can communicate connect shop and entertain ourselves on the smart phone why do we still impose upon our customers a plastic card something created in the 1950s almost over sixty years ago” said irani. “many have talked about this evolution but in true mashreq dna this is the lone bank that “makes possible”. today spells the first day in the demise of the credit card as we know it in its plastic avatar here in the gcc if not in the emea region. a first of its kind created to deliver delightful convenience and enhanced control with just a tap of the phone” he said.


Nimish dwivedi head of payments at mashreq said the new product sought to simplify and make mobile payments extremely accessible.


“the challenge today is the complexity of existing mobile payment solutions that compulsorily require the customer to have a smart phone download a mobile app link a funding source etc. mashreq removes all this complexity through this tap n go sticker. whether you’re buying groceries cinema tickets or even a cup of coffee just tap your phone on the terminal to make payments less than dh100 instantly and securely. no swiping. no signing. no waiting. just tap n go.”


He said existing mashreq credit card customers can easily apply for the tap n go sticker through mashreqonline or the 24x7 direct banking centre while new to mashreq customers can get their stickers just by applying for a mashreq credit card.


Every tap n go sticker has its own 16 digit number and is linked to an existing mashreq credit card ensuring that the customer stays in control at all times with the flexibility to assign and modify credit limits request a replacement in case of loss or damage or even block the sticker if needed he explained.


— issacjohn?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Jul 2 2015 - Ministry launches app to help Qataris in foreign countriesGulf Times
(MENAFN - Gulf Times) The Foreign Ministry launched the second version of its smartphone application under the name "Foreign Ministry - Qatar" which was developed to be a means of communication with ...

 Jul 2 2015 - Education 'system in GCC lacks skills training for jobs'Gulf Times
(MENAFN - Gulf Times) A majority (53%) of employers view lack of work experience as affecting nationals' employability, with only 30% of GCC (Gulf Co-operation Council) students having taken any work ...

 Jul 2 2015 - AIIB to play vital role in Asian infrastructure sector: QatarThe Peninsula
(MENAFN - The Peninsula) The Asian Infrastructure Investment Bank (AIIB) is expected to play a vital role in providing the investment needed to develop the infrastructure for hundreds of millions in ...

 Jul 2 2015 - Syrian Kurds Militia again control town of Tel AbyadThe Peninsula
(MENAFN - The Peninsula) A Syrian Kurdish militia said on Wednesday it had recovered full control of the border town ofTel Abyad after defeating Islamic State fighters who had raided it the day ...

 Jul 2 2015 - Qatar- Population declines in JuneGulf Times
(MENAFN - Gulf Times) There was a fall in Qatar's population in June, according to a Ministry of Development Planning and Statistics report.Against the all-time high of 2,374,860 recorded on May 31, ...

 Jul 2 2015 - Egypt army says 10 soldiers killed, woundedThe Peninsula
(MENAFN - The Peninsula) The Egyptian army said on Wednesday 10 soldiers had been killed and wounded in North Sinai after suspected militants attacked five checkpoints in therestive area.The army ...

 Jul 2 2015 - Qatar- WISH webinar focuses on application of CANDOR processGulf Times
(MENAFN - Gulf Times) The World Innovation Summit for Health (WISH), a global initiative of Qatar Foundation, in partnership with Imperial College London, held its third event in the leading health ...

 Jul 2 2015 - Lebanese army says kills five militants in Arsal (Syrian border)The Peninsula
(MENAFN - The Peninsula) The Lebanese Army killed five militants in northeastern border town of Arsal, while they were attempting to sneak between Arsal and its outskirts, the Army said in a ...

 Jul 2 2015 - Qatar- Cabinet briefed on ministries' plansGulf Times
(MENAFN - Gulf Times) HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani chaired the Cabinet's regular meeting at the Emiri Diwan yesterday. The Cabinet considered the topics on ...

 Jul 2 2015 - At least 30 dead in Egypt's North Sinai attacks - medical, security sourcesThe Peninsula
(MENAFN - The Peninsula) At least 30 people were killed when Islamist militants attacked several checkpoints in Egypt's North Sinai on Wednesday, security and medical sources said, in one of the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help