Mashreq, the second oldest bank in the United Arab Emirates and the first to launch credit cards, ATMs and travelers’ checks, recently launched its Mashreq Payport, the region’s first fully EMV chip and PIN compliant mobile POS solution.
“We continue to live up to the promise we have made to our customers, to enrich all their experiences with us through innovation,” Farhad Irani, the head of retail banking at Mashreq, said. “We believe in harnessing the power of technology to create customer-centric solutions. Mashreq Payport is another relevant innovation along with Mashreq Go, Mashreq Max, Mashreq Snapp and many other recent innovations in Retail Banking.”
After downloading the Mashreq Payport app, any standard smartphone can be converted into a payment acceptance terminal. The company partnered with MasterCard and Swiff to increase market convenience.
“Retailers and consumers alike are fast embracing innovative new payment solutions, and mobile devices have become a preferred platform to conduct payments,” Ravi Bhardwaj, the head of market development for MasterCard’s Middle East and North Africa division, said. “In fact, the UAE ranks seventh in MasterCard’s Mobile Payments Readiness Index, supported by its advanced regulatory structure and mobile payments infrastructure. This solution opens doors for retailers of all sizes, allowing them to take advantage of the world’s fastest payment processing network both in-store and off-premises.”