Mashreq, has partnered with PayMate, India’s leading mobile commerce company to launch mobile payments in the UAE

The scope of offerings would include paying for over-the-counter shopping, utility bills, online purchases via the mobile as well as mobile applications enabling purchase of movie and flight tickets.

This first-of-its-kind mobile payment service in the UAE would be available for 3.5m credit card users in the UAE as well as Mashreq Bank account holders.

While making payments customers can either punch their card details on the mobile application or simply enter the PayMate PIN. To avail PayMate’s free mobile payment service, customers will need to do a one-time registration to link the Mashreq account to their mobile number, post which they can transact at accredited merchants.

Each payment would be authorized by a 4-digit PIN to ensure complete transaction control and security. The amount will be charged directly to the customer’s credit card or bank account (in the case of PayMate registered users).

The new service is EASY to use as all SMS based platform works on even the simplest mobile handset across all telecom operators. Enhanced security and risk-control is ensured through a 2-factor PIN authentication and banking grade data security (PCI-DSS 1.2 certified).

The new Mashreq service is yet another step in our continued commitment towards offering the most convenient banking solutions in the UAE. Customers have a wider choice to transact over-the-counter, online, on the phone or from just about anywhere to make payments and purchases via the mobile

Commenting on the launch of the first-ever mobile payment service in the UAE, Mr. Vimal Kumar, Head of Cards Business, Mashreq Bank said

‘Mashreq is recognized and trusted for its unsurpassed card payment solutions and proven infrastructure. This alliance is no doubt further testament to the exponential added-value offered to retailers and service providers who need to stay competitive by selecting globally tested solutions’

 

Speaking on the partnership and PayMate’s foray in to the UAE, Ajay Adiseshann, Founder & MD, PayMate said ‘With PayMate’s entry into the UAE market with a strong partner like Mashreq, we continue our aggressive growth streak. Our alliances with leading banks continue to grow our ecosystem and will allow many new customers to utilize mobile payment technology and experience the convenience and benefits that come with it.’