Mashreq Bank, a leading financial institution in the UAE, has concluded the transfer of its existing payments operation to IDFAA Payment Services LLC, a new firm with the brand name NEOPAY, powered by Mashreq.
NEOPAY will utilize modern technology such as card processing, processing switches, merchant acquiring systems, and PoS inventory to provide a smooth payment experience for both merchants and customers.
The technology used by NEOPAY is PCI DSS certified, certifying that the firm’s data security will meet the global standards. All the transactions of NEOPAY will be processed in-house with their own licensed tech systems.
Vibhor Mundhada, CEO of NEOPAY, said, “We are constantly aiming to offer solutions which help our customers, citizens, government and the private sector to grasp the enormous benefits of the digital economy. The launch of NEOPAY is further evidence of our ongoing commitment to shape the future of payments across the region. This new brand, under a standalone entity, will combine the powerful Mashreq brand with the very latest cutting-edge technology to drive our growth agenda.”
This platform would benefit SME’s and SaaS-based organizations for Enterprise Resource Planning (ERP), including payment platforms, which would result in a one-stop shop for managing the entire business.
Fernando Morillo Lopez – Senior Executive Vice President And Group Head Of Retail Banking Group, Mashreq Bank, said, “The launch of NEOPAY, is a strategic move that will help fuel the growth of Mashreq’s payment business, and enable us to solidify our leadership role in the rapidly evolving payments space. Mashreq is already a leader when it comes to offering omni-channel payment products that add value for our customers, whether it be through point-of-sales terminals, innovative integration solutions that work with merchant cash registers and unattended self-service, transit and mobile payments solutions. As digital payments continue to rise in popularity, we are proud to launch this service and further strengthen our position as the largest and fastest growing e-commerce acquirer in the UAE.”