Mashreq adopts Samsung Pay
Mashreq is the first bank in the region to have early access to Samsung Pay
The UAE's financial institution, Mashreq, announced it is the first bank in the region to provide its customers with Samsung Pay.
Samsung Pay is a mobile payment service that relies on Near Field Communications (NFC) and Magnetic Secure Transmission technologies. Mashreq debit and credit cardholders are now entitled to perform transactions with these technologies at any merchant in an instant, convenient and secure manner, without using plastic cards.
Furthermore, for a limited period, new customers who apply for a Mashreq Solitaire, Smart Saver Global or Platinum Elite credit card will also receive a free Samsung Galaxy S7 edge smartphone, preloaded with Samsung Pay.
Subroto Som, head of Retail Banking at Mashreq, said: "We are passionate about providing our customers with digital tools to make their day to day financial management better. To our customers, a better experience means it must be simple, fast and convenient. We pioneered Cardless Cash and Card Control in 2015 and 2016 respectively as the first Bank to make it possible to withdraw cash without a card and to empower customers to have full control over their cards instantly."
Som added: "Although the penetration of digital wallets is still in a nascent stage, I strongly believe the market will grow exponentially in the next few years."
Mohammad Gharaibeh, head of B2B in IT and Mobile (IM) Division at Samsung Gulf Electronics, added: "With the high penetration of mobile users in the UAE and a corresponding surge in digital payments, ease and security in payments remain the top priority for our customers. Samsung Pay is a secure and easy-to-use mobile payment service which can be used to make purchases nearly everywhere that cards are accepted"
Compatible Samsung devices currently include the Samsung Galaxy S7 and S7 edge, Galaxy S6 edge+, Galaxy Note5, Galaxy A7 (2016) and A5 (2016).