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Mashreqbank has transformed its existing IDFAA Payment Services Unit into a fully managed subsidiary called NEOPAY.
NewPay utilizes the latest technologies and innovations in card processing, merchant payment systems, money transfer processing systems and point of sale systems to provide a seamless and convenient payment experience for merchants and customers.
The new subsidiary builds on the impressive success of Mashreq’s current cash-accepting business, which pays more than $ 22 billion annually in the retail, hospitality, e – commerce and government services sectors. NewPay integrates existing payment methods and integrates them into one integrated platform.
The release of “NewPay” comes at a critical juncture in the payment industry, where we see a huge increase in digital payments, with the latest figures showing that more than 70% of people in the Middle East and North Africa tend to pay by mobile. , Especially in the GCC countries, the Gulf Cooperation Council has recorded an annual increase in the use of credit cards and mobile app payments.
NewPay is one of the first three banks to make payments from merchants in the UAE. Compared to 2020, e-commerce modules have grown by more than 170 percent.
Fernando Murillo, senior executive vice president and chairman of the Mashreq Retail Banking Group, said: “The launch of New Bay, managed and operated by Mashreq Bank, is an important strategic move to stimulate the growth of the payment business in Mashreq. It helps us maintain our leadership role in evolution. ”
We are a leading provider of multi-channel payment products that add value to customers, innovative integration solutions compatible with cash registers and payment solutions through self-service, transfer and mobile payment solutions. As the popularity of digital payments continues to grow, we are pleased to launch this new service to stabilize our position as the largest and fastest growing e-commerce payment bank in the United Arab Emirates.
New Bay CEO Vipur Mandada said: “We continue to strive to provide solutions that help clients, citizens and public and private sector companies utilize the enormous potential of the digital economy.
The launch of NewPay is a further testament to our continued commitment to shaping the future of payment in the region. This new independent company combines the strengths of the Mashreq brand with the latest technology to enhance our company’s development agenda.
Areas of expertise in the company include merchant payment acceptance services, delivery processing and consumer payment sites, as well as the provision of value-added services such as data updating, “buy now, pay later” and other software solutions.
This platform allows small businesses and SMEs to benefit from SAAS services based on ERP packages, while providing them with integrated payment solutions that enhance their ability to start and manage their businesses seamlessly.
New Pay offers a range of advanced technologies including card processing system, merchant payment system, money transfer processing services, payment gateway technology, software and sales terminals. All of these systems are PCI DSS certified to ensure compliance with global data protection standards. All money transfers will be processed locally through bank-owned and authorized technical systems.
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