Dubai, UAE: In a significant move to transform digital payment experiences, NEOPAY, the payment subsidiary of Mashreq, and one of the pioneering merchant acquirers in the UAE, became the first acquirer in UAE to launch Alipay+ renovative cross-border digital payment and marketing solutions to merchants on their POS devices. .
The initial integration is live at some 2,000+ store locations – spanning shopping malls, luxury stores, supermarkets and restaurants – across the UAE to enhance the overall payment experience for international visitors. The existing solution will be upgraded to Alipay + seamless from the backend for all merchant. NEOPAY will further rollout Alipay+ solution at all other merchants throughout the year.
Vibhor Mundhada, CEO of NEOPAY, commented, "NEOPAY, with its technological acumen powered by Mashreq, has consistently led the digital payments revolution. Our strategic partnership with Alipay+ augments this trajectory, enabling our merchants to seamlessly integrate multiple Asian wallets, streamlining the payment process. This partnership not only highlights Mashreq and NEOPAY's relentless drive towards a digitized economic landscape but also cements our reputation as one of the early adopters of this transformative payment solution. The synergy with Alipay+ propels our growth, expanding our reach in the burgeoning mobile payment ecosystem."
Alipay+, with its astounding reach to over 1.4 billion global consumers behind more than 20 mobile wallets and banking apps including Alipay (Chinese mainland), MPay (Macao SAR China), TrueMoney from Thailand, GCash from the Philippines, Kakao Pay from South Korea and Tinaba from Italy, augments the digital payment spectrum in the UAE.
Middle East’s tourism sector has recorded the strongest rebound in the world, according to latest research. Tourist arrivals jumped 15 percent in the first quarter, compared to same period of 2019. Notably, the UAE, being a magnet for global tourists and having attracted 14.36 million visitors in 2022 - 22% of whom are from Asia - is set to see a transformation in its payment landscape. The alliance with Alipay+ will empower Asian tourists to opt for their favored payment methods at NEOPAY-affiliated establishments, spanning malls, retail spaces, restaurants, and hotels.
Guoming Cheng, General Manager of Ant Group in Europe and Middle East, added, "Together with Mashreq and NEOPAY, we are thrilled to put Alipay+ solutions at service of vast merchants of the region, enabling them to not only accept Alipay, but also process various digital payment methods – through simple integration – to make visitors across Asia and beyond more welcoming. Together we look forward to transforming the retail landscape and capturing more growth opportunities for merchants and seamless experience for consumers.”
NEOPAY's expansive vision encompasses merchant acquiring, issuing processing, consumer payment platforms, and an array of value-added services. Moreover, its platform promises burgeoning SMEs a gamut of services including SAAS based on Enterprise Resource Planning (ERP) combined with payment capabilities – a holistic solution to ignite and manage their business pursuits. With its foundation rooted in Mashreq’s success, witnessing growth of 26% compared previous year across diverse sectors - NEOPAY aspires to seamlessly blend all payment systems onto one cohesive platform.
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About Mashreq
Mashreq is more than half century old bank, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers, all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them reach fulfilment, achieve financial goals, and unlock their vision of success.
Reassuringly present in major financial centres of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers.
Find your way to Rise Every Day at www.Mashreq.com/RiseEveryDay
For media enquiries, please contact:
Rana AlBorno
Public Relations, Mashreq
Email: RanaAlb@mashreq.com
