Wednesday, 17 July 2024
Mashreq launches MashreqPay
Mashreq Bank announced the launch of MashreqPay — a digital mobile wallet providing secure easy-to-use payment for purchases that can be used anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability.
The new wallet works on Android phones and offers market-first features and a loyalty programme, which works at local and international merchant outlets. The wallet functions even without a mobile internet connection. Purchases can be done by just unlocking the mobile phone, and holding it near a merchant terminal.
Card details are not stored in the wallet. Instead every card is tokenised, which means the card number is converted into a random token number and the token number is stored in the wallet. This prevents hackers from skimming the card details to commit fraud.
Re-disseminated by The Asian Banker from Gulfnews.com
