Mashreq Bank, one of the leading financial institutions in the UAE, has completed the transition of its existing payments business into a new, wholly owned subsidiary, IDFAA Payment Services LLC, with a brand name NEOPAY, powered by Mashreq. NEOPAY, powered by Mashreq Bank, will leverage the latest technology and innovation, including card processing and merchant acquiring systems, processing switches and PoS inventory to offer a seamless payments experience to merchants and consumers.<\/p>\n
It builds on the successes of Mashreq\u2019s existing merchant acquiring business, which processes USD22 billion of annual volume across the retail, government, hospitality and eCommerce sectors. NEOPAY will consolidate all existing payment systems into a single platform.<\/p>\n
The launch of NEOPAY comes at a key time in the payments sector, in which digital payments are soaring. Statistics show that across the Middle East and North Africa \u2013 and particularly in the GCC \u2013 more than 70% of people are willing to make payments over mobile phones, with payments via credit card and mobile phone apps rising year-on-year.<\/p>\n
NEOPAY, is positioned as one of the top three merchant acquirers in the UAE; with Mashreq\u2019s volumes rising by more than 50% in 2021, from 2020. The merchant acquiring business processed over 300 million transactions during 2021 – and has also seen e-commerce volumes grow by more than 170% against 2020.<\/p>\n
Fernando Morillo – Senior Executive Vice President And Group Head Of Retail Banking Group, Mashreq Bank, said:<\/strong> \u201cThe launch of NEOPAY, is a strategic move that will help fuel the growth of Mashreq\u2019s payment business, and enable us to solidify our leadership role in the rapidly evolving payments space. Mashreq is already a leader when it comes to offering omni-channel payment products that add value for our customers, whether it be through point-of-sales terminals, innovative integration solutions that work with merchant cash registers and unattended self-service, transit and mobile payments solutions. As digital payments continue to rise in popularity, we are proud to launch this service and further strengthen our position as the largest and fastest growing e-commerce acquirer in the UAE.\u201d<\/p>\n Vibhor Mundhada, CEO of NEOPAY, said:<\/strong> \u201cWe are constantly aiming to offer solutions which help our customers, citizens, government and the private sector to grasp the enormous benefits of the digital economy. The launch of NEOPAY is further evidence of our ongoing commitment to shape the future of payments across the region. This new brand, under a standalone entity, will combine the powerful Mashreq brand with the very latest cutting-edge technology to drive our growth agenda.\u201d<\/p>\n Its business lines will include a merchant acquiring and issuing processing business, consumer payment platforms, as well as value-added services such as data monetization, \u2018Buy Now, Pay Later\u2019 and various other software solutions. Through the platform, small merchants and SMEs can also benefit from SAAS based on Enterprise Resource Planning (ERP) bundles with payments capabilities \u2013 providing a one-stop-shop to start and manage their business.<\/p>\n NEOPAY\u2019s technology assets include a card processing system, merchant acquiring system, processing switch, payment gateway technology as well as POS inventory and software. All systems used by NEOPAY are PCI DSS certified, ensuring that the subsidiary\u2019s data security meets globally recognized standards. Notably, all of NEOPAY\u2019s transaction processing will be completed in-house with owned and licensed tech systems.<\/p>\n","protected":false},"excerpt":{"rendered":" Mashreq Bank, one of the leading financial institutions in the UAE, has completed the transition of its existing payments business into a new, wholly owned subsidiary, IDFAA Payment Services LLC, with a brand name NEOPAY, powered by Mashreq. NEOPAY, powered by Mashreq Bank, will leverage the latest technology and innovation, including card processing and merchant […]<\/p>\n","protected":false},"author":1,"featured_media":60063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/60250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/comments?post=60250"}],"version-history":[{"count":1,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/60250\/revisions"}],"predecessor-version":[{"id":60251,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/60250\/revisions\/60251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media\/60063"}],"wp:attachment":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media?parent=60250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/categories?post=60250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/tags?post=60250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}