UAE-based Mashreq Bank confirmed today that the bank has completed the transition of its existing payments business. The financial services provider has launched NEOPAY.
Powered by Mashreq Bank, the newly introduced service will take advantage of the latest technology to offer an efficient and convenient payments experience to merchants and consumers. According to the bank, NEOPAY has already established itself as one of the top merchant acquirers in the United Arab Emirates.
In addition, Mashreq Bank highlighted a jump in digital payments in UAE. In the GCC region, over 70% of people are willing to make payments through mobile phones.
“The launch of NEOPAY, is a strategic move that will help fuel the growth of Mashreq’s payment business. Mashreq is already a leader when it comes to offering omnichannel payment products that add value for our customers, whether it be through point-of-sales terminals, innovative integration solutions that work with merchant cash registers, and unattended self-service, transit and mobile payments solutions,” Fernando Morillo, the Senior Executive Vice President and Group Head of Retail Banking Group at Mashreq Bank, commented.
“As digital payments continue to rise in popularity, we are proud to launch this service and further strengthen our position as the largest and fastest-growing e-commerce acquirer in the UAE,” Morillo added.
UAE’s Payment Sector
Digital payments are booming in the United Arab Emirates. As a result, several regional players have formed partnerships with international companies to introduce innovative payments technology to their users. In November last year, LuLu Exchange and Bank Alfalah announced a collaboration to boost cross-border payments through RippleNet. In February 2022, Pyypl, a blockchain technology-based provider of digital payments and financial services in the UAE, raised $11 million in Series A funding to expand its operations.
“We are constantly aiming to offer solutions which help our customers, citizens, government and the private sector to grasp the enormous benefits of the digital economy,” Vibhor Mundhada, the CEO of NEOPAY, said.
