Mashreq Bank has completed the transition of its existing payments business into a new, wholly owned subsidiary at a key time when digital payments are soaring.
The Dubai-based bank said IDFAA Payment Services will operate with the brand name NEOPAY and will leverage the latest technology including card processing and merchant acquiring systems, processing switches and point of sale inventory for merchants and consumers.
It said the move builds on Mashreq’s existing merchant acquiring business, which processes $22 billion of annual volume across the retail, government, hospitality and e-commerce sectors.
NEOPAY will consolidate all existing payment systems into a single platform, the bank added.
Statistics show that across the Middle East and North Africa – and particularly in the GCC – more than 70 percent of people are willing to make payments over mobile phones, with payments via credit card and mobile phone apps rising year-on-year.
Mashreq said NEOPAY is positioned as one of the top three merchant acquirers in the UAE, with volumes rising by more than 50 percent in 2021.
The merchant acquiring business processed over 300 million transactions last year and has also seen e-commerce volumes grow by more than 170 percent against 2020.
Fernando Morillo, 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.
“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.”
Vibhor Mundhada, CEO of NEOPAY, added: “The launch of NEOPAY is further evidence of our ongoing commitment to shape the future of payments across the region.”
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