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
 Feb 27 2015 - UAE's Etisalat posts USD13.28b revenue in 2014MENAFN
(MENAFN) UAE's Etisalat , or Emirates Telecommunications Corporation, posted USD2.42 billion net profit on revenues of USD13.28 billion in 2014, Gulf News reported.The telecommunications company said ...

 Feb 27 2015 - Oman's economic growth projected at USD75b in 2015MENAFN
(MENAFN) Oman's real gross domestic product (GDP) growth is projected at about 3.2 percent and 3.4 percent in 2015 and 2016, respectively, by global rating agency Standard & Poor's, Times of Oman ...

 Feb 27 2015 - UAE's Meraas gets USD588.8m contracts for advanced Dubai property projectsMENAFN
(MENAFN) UAE's Meraas was awarded USD588.8 million worth of contracts to Al Futtaim Carillion to build its ambitious Le Mer and Dubai Creek Waterfront schemes, The National reported.The project is ...

 Feb 27 2015 - Lebanon-born Syrian refugees risk stateless legal limboAFP
(MENAFN - AFP) Syrian refugee Yasmine Khalaf lies next to her day-old daughter Israa in a Lebanese hospital, worrying that her tiny newborn risks life without a legal identity. Israa, sleeping ...

 Feb 26 2015 - Jordan- King departs for CairoJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)- His Majesty King Abdullah II on Thursday left for Cairo on a visit to Egypt during which he will hold talks with Egyptian President Abdul Fattah ...

 Feb 26 2015 - Jordan- 688 dead 14000 injured in traffic accidents in 2014Jordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Statistics issued by the Central Traffic Department (CTD) Thursday showed that the number of traffic accidents and deaths had declined in 2014 ...

 Feb 26 2015 - Jordan- Conference on women in Sharia concludes meetingsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb.26 (Petra) - The closing session of Women in Sharia" conference which concluded meetings Wednesday evening discussed challenges faced by workers in the defense ...

 Feb 26 2015 - Jordan condemns burning of church in Jerusalem by Jewish extremistsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Minister of State for Media Affairs Mohammad Al Momani Thursday condemned the burning of a church by Jewish extremists in occupied Jerusalem earlier ...

 Feb 26 2015 - Jordan NATO discuss ties counter- terrorism effortsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Secretary-General of the Ministry of Foreign Affairs and Expatriate Affairs Mohammad Bani Yaseen and NATO Assistant Secretary General for Emerging ...

 Feb 26 2015 - Lebanese economy to grow 2.2 percent in 2015MENAFN
(MENAFN) Lebanon anticipates its economy to grow 2.5 percent in 2015, according to finance minister, after reporting a Eurobond of USD2.2 billion, the largest issue in the country's history, ...

more...


 






Google

 
 

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