Continuing its innovation stride and complementing the Bank’s many technology-led achievements, UAE’s leading financial institution Mashreq pioneers another UAE first with the launch of Tap n Go.
This is the country’s first NFC (Near Field Communication) Sticker solution and is set to redefine the world of mobile payments. The Tap n Go Sticker makes low-value purchases exceedingly simple by converting any mobile phone of any generation into a credit card that can then be used to make contactless payments at thousands of retail outlets in the UAE and abroad. The newly launched Tap n Go is already accepted at over 4000 merchants and growing in the UAE.
Farhad Irani, Head of Retail Banking Group, Mashreq, commented, “‘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. It is true we are never more than one meter away from our phones in these demanding times. 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. A first of its kind created to deliver delightful convenience and enhanced control with just a tap of the phone. No signature, No pin, No paper! I wish every citizen of the UAE many smart and happy moments with Mashreq’s Tap and Go revolution.”
The Sticker is powered by the latest NFC technology that helps it to communicate wirelessly and securely with payment terminals, allowing transactions to be processed instantly. Simply fix the Sticker to your phone and it is ready for use, exactly like a credit card. All purchases less than Dhs100 require no signature.
The latest innovation was launched in a press conference held at Caribou Café, one of the many locations where Tap n Go will be accepted.
Speaking at the launch, Nimish Dwivedi, Head of Payments at Mashreq said, “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 Dhs100 instantly and securely. No swiping. No signing. No waiting. Just Tap n Go.”
Existing Mashreq credit card customers can easily apply for the Tap n Go Sticker through MashreqOnline or the 24X7 Direct Banking Centre while new to Mashreq customers can get their Stickers just by applying for a Mashreq credit card. Every Tap n Go Sticker has its own 16 digit number and is linked to an existing Mashreq credit card ensuring that the customer stays in control at all times with the flexibility to assign and modify credit limits, request a replacement in case of loss or damage or even block the Sticker if needed.
Payments through Tap n Go are not just super-fast but completely secure as well – only payments for purchases made in-person at merchants are possible and the strongest authentication protocols are used to verify each Tap n Go transaction.
Customers also continue to earn reward points, cash-back or other spend-linked benefits as applicable on their linked Mashreq credit card when they use Tap n Go for payments.
Tap n Go heralds the dawn of a new age in mobile, contactless payments. Say goodbye to cash. Say hello to Tap n Go!
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Saturday, April 5- 2014 @ 11:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.