Mashreq has announced the launch of the regions first NFC sticker mobile payment offering.
Mashreq’s ‘Tap n Go’ sticker converts any mobile phone in to a credit card that can then be used to make contactless payments at multiple retail outlets in the UAE and abroad.
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Tap n Go is already accepted at over 4,000 merchants within the UAE and can be used to make purchases under AED100 ($27) by consumers.
Existing Mashreq credit card customers can apply for the Tap n Go sticker through Mashreq Online or through Mashreq’s direct banking call centre.
New customers can acquire the stickers by applying for a Mashreq credit card.
Each Tap n Go sticker has its own 16 digit number and is linked to an existing Mashreq credit card allowing customers to modify credit limits and block the sticker if needed.
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By GlobalDataNimish Dwivedi, head of payments at Mashreq, commented: "Our aim is 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 unique 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 AED 100 instantly and securely. No swiping. No signing. No waiting. Just Tap n Gom" he added.
Mashreq has been among the regions most enthusiastic digital banking innovators and has said that it needs to accelerate the pace of evolution towards digital banking.
Mashreq’s Smart Banking initiative has been crafted with the aim of all increasing customer engagement while making banking simple, and more enjoyable.
In 2013, Mashreq rolled out five high-tech branches that featured Microsoft ‘interactive experience technologies’ including a touch-screen table, virtual customer greeters and other gadgets aimed at attracting tech-savvy customers.
The branches each feature large exterior interactive digital walls designed to attract customers by showing lifestyle scenarios – such as buying a house – where the bank can provide assistance.
Other digital innovations at Mashreq include the 2013 launch of ‘Mashreq Payport’, the region’s first fully EMV Chip & PIN compliant mobile POS solution.
Farhad Irani, head of retail banking at Mashreq said: " ‘Don’t leave home without your cell phone ‘ is perhaps more important than ‘don’t leave home without your credit card’
"Just think about the way the smart phone has changed our lives in the past 36 months. 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?"
Irani added: "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."
Mashreq reported strong earnings in fiscal 2013. Net profit rose by 38% to AED1.81bn from AED1.31bn in fiscal 2012 while total assets increased year-on-year by 17.4% to AED89.7bn.
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