Dubai-based Mashreq Bank added QR code payments to its consumer banking app following a deal with Mastercard, a move the bank hailed as a world first.
Mashreq Bank said it was the first in the world to offer secure mobile payments using QR codes and NFC, along with general banking services through the same Mashreq inks Mastercard deal for QR paymentsapp. It added NFC payments into its Snapp app in July 2017.
The upgrade will initially allow users to pay for goods in retailers within the UAE directly from their bank accounts by scanning a QR code with their handset.
Due to the company adopting universal standards the service will eventually be able to process transactions using the payment system when customers are travelling in other countries, it added.
In a statement, Mashreq Bank head of digital banking and innovation Aref Al-Ramli said: “With the country’s digital wallets sector growing rapidly each year, we are confident that consumers will embrace the range of cashless options increasingly available to them.”Subscribe to our daily newsletter Back