Business | Banking

Mashreq launches new mobile payment device

Bank launches region’s first smartphone mobile payment device

  • By Alexander Cornwell, Staff Reporter
  • Published: 18:40 August 28, 2013
  • Gulf News

  • Image Credit: Clint Egbert/Gulf News
  • (From left) Eric Holst-Roness, Chief Strategy Officer and President MEA, Swiff, Nimish Dwivedi, Head of Retail Banking Group Mashreq, Ravi Bhardwaj, Head of Development - Mena Matercard, and Farhad Irani, Head of Retail Banking Group Mashreq, pose with the newly launched Mashreq Payport on Wednesday.

Dubai: Mashreq on Wednesday launched the Middle East’s first smartphone supported mobile payment device at a press conference to the media and members of the local business community.

The “Mashreq Payport” is a fully EMV (Europay, MasterCard and Visa) chip & pin compliant mobile point of sale device.

It enables customers to pay for delivery products at their doorstep by inserting their debit or credit card into the device. The delivery man will enter the sale amount, the customers can choose whether to include a tip, and then sign or enter their pin to complete the transaction.

Farhad Irani, Head of Retail Banking Group at Mashreq, said the Mashreq Payport device was revolutionary, creating a new level of convenience for customers.

The device is not exclusive to Mashreq customers, so those with other banks can also use the device.

But in order to use the device, customers must first download the Mashreq Payport application onto their smartphone. The application is only available on Android and iPhone.

Delivery companies

Once a sale is completed a digital receipt is sent to the customer’s smartphone.

Nimish Dwivedi, Head of Payments at Mashreq, said that the product would be initially utilised by delivery companies but was also suitable for mobile salesmen and in-store sales at fast food restaurants.

Mashreq Payport will initially be launched at Pizza Express, Cold Stone Creamery, Popeyes, Al Maya Supermarket, and Champions Cleaners.

Kamal Vachani, Group Director of Al Maya Group, said he was excited about the launch of Mashreq Payport.

Al Maya has 31 supermarkets in the UAE of which home delivery plays a crucial role across 10 to 15 stores, he said.

Al Maya Supermarket makes more than 5,000 home deliveries each day, Vachani added.

Fees

Irani said there are no fees for customer and retailers using the device.

But retailers would have to pay a one-off cost of $150-$160 (Dh550.50-Dh587.20) for each Mashreq Payport.

In comparison a regular in-store card payment machine costs $450 while a mobile in-store machine costs $560, a Mashreq spokesperson said.

Exclusivity

The Mashreq Payport was launched in partnership with Mastercard and Swiff — a manufacturer of end-to-end secure payment solutions.

Irani said the Payport was not exclusive to Mashreq and its partners could tie up with other banks in the UAE to launch a similar, if not the same, device.

Erik Holst-Roness, Chief Strategy office and President of Middle East & Africa at Swift, said the Payport device gave Mashreq leverage in the UAE market.

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