(MENAFN - Khaleej Times) With expo 2020 win mashreq expects credit debit cards to rise 10% annually
The increase in population due to the buoyant uae economy will see the overall cards market expanding with the world expo 2020 win providing a further stimulus according to a senior banker.
It is estimated that the credit and debit cards growth rate in the country will be at 10 per cent thereabouts annually.
“we continue to grow faster than the market and increase our market share aggressively. we are amongst the top issuers in uae when measured through card receivables” nimish dwivedi head of payments at mashreq told khaleej times during an interview.
“we have outpaced competition in the last two years and our competitive advantage in creating relevant propositions for the right segments enabling technology driven innovation and speed-to-market backed by world-class service will ensure that this trend will continue in the future” dwivedi explained.
Responding to a question for any possibility of a credit card related with expo 2020 he replied: “we will take a strategic call on how best to capitalise on the expo 2020 event across all our retail banking products including credit cards in due course.”
“at mashreq we are constantly scanning the market looking at relevant opportunities to increase our share of the customer’s wallet” he said.
Mashreq offers a diverse suite of products from the diamond-embedded solitaire to the value-driven smart saver to the entertainment platform-based grand cinema co-brand and the talk-time-powered etisalat co-brand etc. in addition to that there are also the mashreq al islami card and the business card for smes.
Explaining technology’s role in payment market he said that technology is paramount. it is one of the biggest engines of mashreq’s payments business franchise growth. the bank has created and deployed technology solutions that are relevant contemporary simple and provide extraordinary customer value he added.
Mashreq fifa card achieves ‘goals’
Mashreq recently launched the fifa world cup mashreq visa card to capitalise on the huge frenzy surrounding the event given the immense popularity of football in the uae.
“we have the fifa card that literally puts the coveted world cup trophy and a huge suite of bespoke benefits in our customer’s wallet” nimish dwivedi head of payments at mashreq told khaleej times.
Talking about the response to the card he said: “the cards issued numbers have exceeded our plans in the first fortnight of the launch. we believe that the mashreq proposition offering customers ‘the complete world cup experience’ has struck an immediate chord with football fans in the uae.”
The fifa world cup by mashreq is the only card in the uae with the exclusive world cup trophy design he said adding: “with the design at the core we have created a wholesome proposition that will ensure that the world cup action for the customer begins from the moment they receive the card.”
“instead of relying on just lucky draws and chances to win trips we have built in features such as a bespoke welcome pack with complementary gifts a new and exclusive loyalty programme viz. ‘salaam goals’ year-round discounts on sports merchandise and travel packages and last but not least five all-expense paid trips watch the world cup in brazil” he explained.
The objective is to provide a payments solution that allows the millions of football fans across the uae to experience the excitement of the fifa world cup first-hand he said.
“we aim to put this card in every football lover’s wallet and make sure it is their card of choice because of its exciting benefits and experiences linked to their favourite game” he added.
“we have been at the leading edge of technology-led innovation in the payments space — whether it is payport the first fully emv-compliant mpos solution in the mena instant issuance of credit cards at our branches mainstreaming contactless [near field communication technology] payments through the mashreq grand entertainment card or providing instant redemption of salaam reward points through credit and debit cards at over 1600 merchants” he said.
Last week mashreq revolutionised and simplified mobile payments with the launch of the uae’s first nfc sticker solution “tap n go” to replace cash for low-value payments. it’s already accepted at over 4000 merchants and growing in the uae. merchant acceptance transaction volume in the country is huge and mashreq is one of the three companies that deliver merchant solutions in the country.
“mashreq has sustained its position as the second largest acquirer in the uae with a focus on developing and deepening relationships with its clients. merchant transaction volume is estimated to be growing at 18 to 20 per cent annually.”
It is estimated that total volume in merchant acceptance was between dh150 billion to dh170 billion in 2013 and out of that mashreq has around 40 per cent share. talking about the security in payment he said: “in the acquiring domain mashreq’s payment gateways have real-time fraud detection monitoring and prevention engines that protect our merchants.”
Mashreq cards are enabled with 3d secure a security protocol that allows customers to use their cards safely across any website anywhere in the world and have an added authentication layer accessed only through their mobile phones he explained.