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Mashreq launched the first mobile contactless payment wallet with its Tap-n-Go sticker in 2014.
MashreqPay is easy to set up. Any Mashreq credit and debit card holder can log in to mobile application Snapp and add their card details to the wallet.
Customers' security concerns have been addressed, because the card details are not stored in the wallet. Instead, every card is tokenised, which means the actual 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.
MashreqPay has cashback and rewards, wherein discount vouchers and cashback will be credited to the wallet once customers' meet the minimum threshold spends.
Subroto Som, head of retail banking group, Mashreq, said: "The launch of MashreqPay marks a significant milestone in Mashreq's portfolio of innovative solutions, following the rollout of Cardless Cash, Card Control and Secure Mobile Digital Payments in recent years. Security and convenience are at the core of MashreqPay."
"When our customers use MashreqPay in a retail outlet, the merchants will no longer see your name, credit card number or security code, helping to reduce the potential for fraud."
- business@khaleejtimes.com
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