Now go easy with Mashreq Samsung Pay transactions

Business

Now go easy with Mashreq Samsung Pay transactions

Dubai, UAE 13 January, 2019: Mashreq Bank, the UAEs leading financial institution, has initiated a service that allows customers to instantly add their credit cards to Samsung Pay via Snapp, enabling them to make easy, fast and secure payments.

Aref Al Ramli, Head of Digital Banking and Innovation, Mashreq Bank said: Mashreq Bank has always been at the forefront of the UAEs digital banking sector, and has played a leading role in supporting the UAEs vision to become a smart society.

We are constantly innovating to ensure our customers benefit from a seamless experience when it comes to banking. We have seen that mobile wallet usage is increasingly popular for lifestyle transactions, specifically day to day retail purchases, and the new service will allow for instant cashless transactions, making life easier for everyone. By enabling Samsung Pay for Mashreq debit and credit cards via Snapp, customers can easily add their cards to Samsung Pay from Mashreqs mobile banking app without having to scan and enter card details.

As UAE moves closer towards becoming a smart society, digital wallets such as Samsung Pay are expected to continue to grow significantly in the coming years, extending its reach with its ease. Transactions made through digital wallets at Mashreq Bank have grown steadily in recent times. With Samsung Pay, customers have the added benefit of being able to process their transaction across all Point-of-Sale (PoS) terminals in the UAE including NFC.

Samsung Pay has achieved resounding success in the markets it operates in and is globally available in 24 markets as of 2018.

Mohammad Gharaibeh, Head of IT and Mobiles (B2B) division at Samsung Gulf Electronics said: To meet future business models, we need new and innovative ways of operating and gain competencies from partnerships. We are proud to strengthen our long-standing partnership with Mashreq Bank and collaborate with them as a payment enabler to ensure that its user experience is hassle-free from start to finish. With this step, we plan on extending the trust, familiarity and convenience of the Samsung Pay experience to all Mashreq Bank customers in the future.

Pankaj Kundra, Head of Payments, Mashreq Bank, said: Our customers are becoming increasingly digital-savvy and are looking for instant access to their banking services. In the last six months alone, there has been an 80% growth in all wallet transactions at an average of eight transactions per active customer as we see customers moving from traditional payments to embracing digital wallets. We are confident that the Samsung Pay service will further drive growth and increase the use of digital card applications.