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
 Mar 30 2017 - EQUATE Group announces USD 679 million in total net profit for 2016MENAFN Press
(MENAFN Editorial)The EQUATE Group, a global producer of petrochemicals, announced today USD 679 million in total net profit for the fiscal year ending 31 December 2016. The EQUATE Group combines ...

 Mar 30 2017 - Italy will not deport unaccompanied refugee childrenThe Peninsula
(MENAFN - The Peninsula) ROME: Italy's parliament on Thursday approved a law that allows unaccompanied refugee children to stay in the country and be protected from mistreatment. 'This is a ...

 Mar 30 2017 - Global security experts to converge at Gulf Information Security Expo and Conference (GISEC) 2017MENAFN Press
(MENAFN Editorial)Cyber security experts from across the region and globe will discuss, debate and highlight the latest smart cities technology and service innovations at the Gulf Information ...

 Mar 30 2017 - Jordan- Royal decree appoints Al Shoubaki as King's adviserJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 30 (Petra)--A Royal Decree was issued appointing Faisal Jibril Hassan Al Shoubaki as the King's advisor, as of March 30, 2017. 30/3/2017 - 02:56:42 ...

 Mar 30 2017 - Jordan- Royal decree appoints director of Intelligence DepartmentJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 30 (Petra) -- A Royal Decree was issued Thursday appointing Maj. Gen. Adnan Na'el al-Jundi, as Director General of the General Intelligence Department as ...

 Mar 30 2017 - Jordan- Lower House speaker, French official discuss ties, regionJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 30 (Petra)--Speaker of the Lower House of Parliament Atef Tarawneh reiterated the centrality of the Palestinian cause as well as the importance of ...

 Mar 30 2017 - Jordan- Emirates plane collides with another aircraft in SingaporeJordan News Agency
(MENAFN - Jordan News Agency) Dubai, March 30 (Petra) -- An Emirates passenger aircraft suffered minor damage after coming into contact with another airplane on the ground at Changi Airport in ...

 Mar 30 2017 - Jordan- Army chief receives US military delegationJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 30 (Petra) -- Chairman of the Joint Chiefs of Staff, Lt. General Mahmoud Freihat, Thursday received U.S. Special Operations Command chief Gen. Raymond ...

 Mar 30 2017 - Jordan- King calls Crown Prince of Abu DhabiJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 30 (Petra) -- His Majesty King Abdullah II on Thursday thanked Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE, Mohammed bin Zayed ...

 Mar 30 2017 - Jordan- Lebanese president visits Baptism SiteJordan News Agency
(MENAFN - Jordan News Agency) Baptism Site, March 30 (Petra) -- President of Lebanon Michel Aoun, on Thursday visited the Baptism Site, some 40km west of Amman. Touring archaeological sites and ...

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

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