Dubai-based bank Mashreq incorporated NFC payments into its consumer app, creating what the company described as the “most advanced banking wallet in the UAE”.
The company previously launched contactless mobile payments in 2014, using a system which processed transactions through a chip contained in a sticker attached to a mobile handset. This could then be linked to one of the bank’s debit or credit cards.
Its new MashreqPay feature, bundled into its existing mobile banking app Snapp, combines retail banking with a range of loyalty features and the ability to use a smartphone NFC chip to process transactions.
The company also pointed to the ability to perform transactions when offline as an advanced functionality it was bringing to the market.
“The launch of MashreqPay marks a significant milestone in Mashreq’s portfolio,” its head of retail banking Subroto Som said. “Mashreq is already well reputed for its multi-award winning mobile application, Snapp. With the launch of MashreqPay, we have enriched the ecosystem of digital, mobile and card payment options.”
Mobile payments in the Emirates is becoming increasingly competitive as companies look at different alternatives to encourage digital transactions in the region. In June, international phone payment specialist Quisk announced a Government-backed trial in Dubai of its payment by phone number system.
During April Cardtek staked its claim, partnering with Government-backed firm emCredit to develop a “national wallet service” for Dubai.