Mashreq brings first mobile wallet to UAE

APRIL 04,2014.


Mashreq aims to simplify and make mobile payments extremely accessible by launching UAE’s first NFC (Near Field Communication)-enabled mobile wallet to replace credit cards.

The “Tap n Go” sticker 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 facility is already accepted at over 4,000 merchants and growing in the UAE.

“Don’t leave home without your cell phone is perhaps more important than ‘don’t leave home without your credit card’,” said Farhad Irani, Head of Retail Banking Group, Mashreq.

He said that no signature, no pin and no paper is needed.

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.

Every 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.

“Customers also continue to earn reward points, cashback or other spend-linked benefits as applicable on their linked Mashreq credit card when they use Tap n Go for payments,” Irani said.

Payments through Tap n Go are not just superfast but completely secure as well — only payments for purchases made in-person at merchants are possible and the strongest authentication protocols are used to verify each Tap n Go transaction.

“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. 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,” said Nimish Dwivedi, Head of Payments at Mashreq.