Mashreq Bank partners with MasterCard and Swiff to revolutionize payment acceptance with ‘Payport’
Dubai, United Arab Emirates: In its efforts to continue pioneering innovation led banking solutions, UAE’s leading financial institution Mashreq announced the launch of ‘Mashreq Payport’, the region’s first fully EMV Chip & PIN compliant mobile POS solution.
For businesses that are dependent on cash to facilitate home deliveries or many other similar business segments, Mashreq Payport provides the ideal, convenient, secure and cost-effective solution. With Mashreq Payport, any standard smart phone can be converted into a full-fledged payment acceptance terminal, all that is needed is to download the Mashreq Payport app on the phone and insert the card in the accompanying device.
A press conference was held to launch the new payment solution, which was attended by the senior management of Mashreq, MasterCard and Swiff.
Farhad Irani, Head of Retail Banking Group, Mashreq commented, “We continue to live up to the promise we have made to our customers, to enrich all their experiences with us through innovation. We believe in harnessing the power of technology to create customer-centric solutions. Mashreq Payport is another relevant innovation along with Mashreq Go, Mashreq Max, Mashreq Snapp and many other recent innovations in Retail Banking.”
Nimish Dwivedi, Head of Payments, Mashreq said, “The launch of Mashreq Payport is set to transform the payments industry and it truly underlines our leading position in this domain. Businesses will now get extremely easy and secure solutions for their home delivery mobile sales force or many such business verticals which are cash dependent. We are proud to have Al Maya Supermarket, Pizza Express, Cold Stone Creamery, Popeyes and Champion Cleaners as launch partners for this market defining innovation.”
Ravi Bhardwaj, Head of Market Development, Middle East and North Africa, MasterCard said, “Retailers and consumers alike are fast embracing innovative new payment solutions, and mobile devices have become a preferred platform to conduct payments. In fact, the UAE ranks seventh in MasterCard’s Mobile Payments Readiness Index, supported by its advanced regulatory structure and mobile payments infrastructure. This solution opens doors for retailers of all sizes, allowing them to take advantage of the world’s fastest payment processing network both in-store and off-premises.”
Jérôme Clé, CEO and Founder of SCCP Group said, “We are proud that such an outstanding bank as Mashreqbank, partners with Swiff to launch one of the first Chip and PIN solutions in the Middle East. We are confident that with our mPOS solutions, Mashreqbank will increase the acceptance and visibility of mPOS in the United Arab Emirates, which will bring a great benefit to merchants and end-customers. This partnership rewards both our technology based upon unique security standards and our strategy to promote mPOS to the Middle East.” comments
(From Left to Right) Erik Holst-Roness- Chief Strategy officer at SWIFF, Nimish Dwivedi- Head of Payments at Mashreq, Ravi Bhardwaj- Head of Market Development MENA MasterCard and Farhad Irani- Head of Retail Banking Group at Mashreq.
Mashreq is one of the UAE’s leading National Financial institutions and the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch products such as travelers’ cheques, credit cards and ATMs.
Mashreq has received numerous international awards reflecting the bank’s successful record, such as the ‘Best Credit Card’ and ‘Best Debit Card’ at the Smart Cards Middle East Awards 2013, ‘Best Retail Bank UAE’ Award by Global Banking & Financial Review 2013, ‘Best Debt House’ Award by EMEA Finance 2012, ‘Best Regional Consumer Internet Bank for Online Deposit, Credit and Investment Product offerings’ by Global Finance Best Internet Bank Awards 2012, ‘Best Regional Retail Bank’ by The Banker ME Industry Awards 2012, ‘Best Branch Design’ Award & ‘Best Islamic Investment Fund’ Award for Mashreq Al Islami Income Fund from Banker Middle East Product Awards 2012, ‘Dubai Human Development Appreciation Award 2012’ for its efforts towards the Development of the Emiratisation initiative.
As a leading financial Institution in the UAE, Mashreq aims to be world class in every facet of its business including in its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
MasterCard(NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, @MasterCardMEA join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
About Swiff and SCCP Group:
SCCP Group is a global innovator in secure mobile-based payment technologies operating under the Swiff brand. Swiff brings together a suite of end-to-end secure payment solutions to issuing and acquiring banks around the world. Swiff products’ suite includes notably: Swiff mPOS, a mobile point of sale solution available on any device (Swipe & Sign, Chip & Sign and Chip & PIN), Swiff mWallet, Swiff gateway, Swiff authentication and Swiff processing. Swiff is one of the few leading mPOS providers both selected by the Visa Ready Program and certified by MasterCard. Using the company’s unique, and fully patented, proprietary technologies in payment processing and authentication, the merchant customers of financial institutions are able to deploy one integrated payment solution. Incorporated in 2010 and headquartered in Singapore, SCCP Group delivers tailored, white-label payment solutions for its customers in Asia Pacific, Africa, Europe, the Middle East, Russia and the Americas.
Contact for Mashreq:
Huda Ismail, Public Relations – Mashreq
+971 4 6083629
Contact for MasterCard:
Sami Lahoud, Vice President Communications – Middle East and Africa
+971 56 216 9273