The partnership seeks to encourage the adoption of digital wallets as the UAE moves towards a cashless society.
Mashreq Bank has partnered with Mastercard, to launch Masterpass QR, a safe and secure Quick Response (QR) mobile payments solution, accessible via the lender’s mobile application, Snapp.
In a statement, Mashreq Bank stated that the user-initiated mobile payment solution is a cost-effective alternative to cash payments for consumers and retailers alike, and will further drive the shift towards a cashless society within the UAE.
The bank’s customers will now be able to link any of Mashreq credit or debit cards to the Masterpass QR feature in their Snapp app without the need to transfer funds to any other stored value account.
The collaboration marks the launch of the UAE’s first QR code payment solution compliant with EMVCo QR standards that will make the solution interoperable with other Masterpass QR users globally.
Aref Al-Ramli, Senior VP, Head of Digital Banking and Innovation at Mashreq Bank, said that the Masterpass QR code service offers our customers the ability to pay instantly via their banking app, putting the power of the transaction directly in the customer’s hand.
The innovative QR code payment solution provides increased convenience and safety to consumers when making payments, added Girish Nanda, Mastercard General Manager, the UAE, and Oman.