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November 30, 2020updated 14 Dec 2020 11:16pm

Mastercard, Mashreq Bank launch new digital payment solution for UAE businesses

Mastercard has partnered with Mashreq Bank to launch a new digital payments solution for small and medium-sized businesses (SMEs) in the United Arab Emirates (UAE).

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Dubbed ‘Tap on Phone’, the new touchless payments solution is powered by Mastercard’s Payment Gateway Technology.

It is a part of Mastercard’s omnichannel ‘SME in a Box’ solution launched in August this year, in the Middle East & Africa (MEA) region.

Mastercard said that Tap on Phone service will allow merchants in the country to accept digital payments using their Android smartphones and boost their sales.

They can accept payment from contactless cards, mobile wallets, and smartwatches as well.

There are no hardware costs associated with the solution as it is app-based, the payment giant added.

Specifically, it has been developed for businesses in the food and beverage industry as well as food delivery and farmers markets.

Mashreq Bank head of payments Kartik Taneja said: “Mastercard Payment Gateway Services have been our trusted partner for many years, and we are glad that by joining forces we were able to make this new solution available to thousands of small businesses in the UAE.”

Mastercard’s Tap on Phone solution is currently live in 16 markets across Europe, Asia Pacific (APAC), Latin America (LATAM), North America and MEA regions.

The payments giant has launched pilots in Costa Rica, Hong Kong, Poland, Kazakhstan, Romania, Canada, Belarus, Russia, Turkey, the UK, and others.

Mastercard EVP of payment gateway services Keith Douglas said: “Omnichannel solutions like SME in a Box, including Tap On Phone, bring a world of new opportunities to small enterprises in the region, often allowing them to compete with large retailers.

“We are proud to be launching this product with an innovative and forward-thinking partner like Mashreq Bank.”

Last week, Mastercard and fintech firm ZEN launched digital finance tools to enable consumers, freelancers, and entrepreneurs to manage their finances and make payments using contactless cards.

Mastercard also teamed up with British fintech firm SumUp to offer payment acceptance solutions for Ford commercial vehicles.

Free Whitepaper
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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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