Mashreq inks Mastercard deal for QR payments - Mobile World Live

Mashreq inks Mastercard deal for QR payments

03 OCT 2018

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.”

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Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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