UAE: Mashreq Bank launches new digital mobile wallet

Mashreq Bank has announced the launch of MashreqPay, a new mobile wallet solution available on Android smartphones. The new payment facility is available to all Mashreq Bank credit and debit card holders, and is built into Mashreq’s mobile banking app Snapp, which is available to download from the Google Play App Store for Android phone users. Card holders can simply add their card details into Snapp and start making cardless and contactless payments.

A number of financial institutions in the UAE have recently launched mobile wallet solutions, with RFi Group data showing that 1 in 5 UAE consumers have already used a mobile payment solution.

MashreqPay has added benefits, whereby users can receive discounts, vouchers and cashback rewards by meeting spending thresholds. The bank has also addressed consumer concerns over security by not storing card details in the wallet and replacing them with randomised token numbers, thus helping to reduce the risk of card fraud.

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