Mashreq, UAE’s leading financial institution announced today that it is the first bank in the region to offer its customers early access to Samsung Pay – a best in class and secure mobile payment service that works as a contactless credit or debit card. With the roll-out of Samsung Pay, Mashreq reinforces its position as the undisputed leader with an enviable history of rolling out new innovations.
Mashreq debit and credit cardholders* (Visa/MasterCard) are now enabled to perform transactions at any merchant in an instant, convenient and secure manner, without the use of plastic cards. Samsung Pay is a secure mobile payment service that is compatible with the latest Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies.
Commenting on the announcement, Subroto Som, Head of Retail Banking at Mashreq said, “At Mashreq, we believe in launching innovations that benefit our customers. We are passionate about providing our customers with digital tools to make their day to day financial management better. To our customers, a better experience means it must be simple, fast and convenient. We pioneered Cardless Cash and Card Control in 2015 and 2016 respectively as the first Bank to make it possible to withdraw cash without a card and to empower customers to have full control over their cards instantly.”
Additionally, and for a limited period, new customers who apply for a Mashreq Solitaire, Smart Saver Global or Platinum Elite credit card will also receive a free Samsung Galaxy S7 edge smartphone, preloaded with Samsung Pay and be the first in the UAE to experience this revolutionary new mobile payment solution. Samsung Pay provides secure payments using biometric authentication, tokenization and Samsung Knox to secure customer payment information.
Som added, “These innovative initiatives from Mashreq are aligned with UAE’s vision to become a digital economy. Although the penetration of digital wallets is still in a nascent stage, I strongly believe the market will grow exponentially in the next few years. Partnering with Samsung is an exciting move in that direction. Samsung Pay App offers Mashreq Cardholders and merchants a simple and secure way to conduct payment
transactions. It is the kind of innovation that brings the worlds of mobile payments and physical commerce closer together.”
Existing Mashreq credit card customers can also enjoy the benefits of Samsung Pay by visiting www.mashreq.com/samsungpay to place a request or respond to the email communication that Mashreq will send, and be expertly guided on how to download and use the solution.
“When it comes to developing and designing our products and solutions, we always keep the consumers’ experience and journey as a priority.” said, Mohammad Gharaibeh, Head of B2B in IT and Mobile (IM) Division at Samsung Gulf Electronics. “With the high penetration of mobile users in the UAE and a corresponding surge in digital payments, ease and security in payments remain the top priority for our customers.Samsung Pay is a secure and easy-to-use mobile payment service which can be used to make purchases nearly everywhere that cards are accepted. We thank Mashreq for its endorsement of our solution as the first Bank in the region to have early access to Samsung Pay as we expand the reach of Samsung Pay globally and realize its full potential for the consumer.”
* Compatible Samsung devices currently include the Samsung Galaxy S7 and S7 edge, Galaxy S6 edge+, Galaxy Note5, Galaxy A7 (2016) and A5 (2016).