Mashreq helps customers to manage card spending
New capabilities in mobile app and wallet to allow users to track and control credit card
Mashreq Bank has introduced a new service to its mobile banking app and contactless payment service to help customers to track spending on their credit cards.
The Mashreq Card Control function, which is integrated with the bank's Snapp mobile banking app and the Tap n Go wallet, allows users to lock, block, limit, manage daily purchases and set maximum transaction amount and count on all their cards.
The card controls are intended to allow users to have instant insight into spending and activities on cards, including supplementary cards issued on the same account, to enhance security and manage finances.
Subroto Som, Head of Retail Banking Group at Mashreq said: "At Mashreq, innovation is in our DNA and we continue to raise the bar to offer simplified banking to our customers. Today we are proud to be the first in the region to consolidate many desired functionalities into our Snapp application and adding new ones, thus putting the customer in complete control. The new Snapp functionalities are part of a continuous journey of innovation at Mashreq and our customers can look forward to many more path-breaking innovations in the coming months.
"In the past, customers didn't have control over their cards, specifically the spending limits on the supplementary cards they give to their family. Also, customers sometimes misplace their cards, and then end up going through a poor service experience of having to call their bank, block or cancel each card. They are then forced to wait for a replacement card even if they found their misplaced card, as the bank will not allow them to use the card again. The new Card Control feature will address these concerns - customers can simply open Snapp, and instantly lock their misplaced card, and unlock it once it is found," he added.
Aref Al Ramli, Head of Digital Banking, Mashreq commented: "We are witnessing an accelerated growth of smartphones, with UAE's 78% smartphone penetration ranking among the highest in the world. Snapp is our most engaging channel with over 81% of digital enquiries and more than three million interactions each month. By Ccmbining the popular Tap N Go Contactless payments capability into Snap's Card Control feature, we are the first bank in the region to deliver end-to-end contactless payment solution, with complete control in the customer's hand."