(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.