UAE Business: Mashreq Bank launches Neopay to consolidate and grow – Gulf Digital News

UAE Business: Mashreq Bank launches Neopay to consolidate and grow – Gulf Digital News

Mashreq Bank, one of the leading financial institutions in the UAE, has launched Neopay, which will comprise Mashreq’s leading merchant acquiring business, which processes over $22 billion of annualised volume.

The wholly owned subsidiary, IDFAA Payment Services LLC or Neopay, will provide Issuer Processing and Acquiring Processing services to financial institutions and fintechs. 

It will leverage the latest technology and innovation, including card processing and merchant acquiring systems, processing switches and PoS inventory to offer a seamless payments experience to merchants and consumers.

Single platform

Neopay will consolidate all existing payment systems into a single platform. The launch of Neopay comes at a key time in the payments sector, in which digital payments are soaring. Statistics show that across the Middle East and North Africa – and particularly in the GCC – more than 70% of people are willing to make payments over mobile phones, with payments via credit card and mobile phone apps rising year-on-year. 

Neopay, is positioned as one of the top three merchant acquirers in the UAE; with Mashreq’s volumes rising by more than 50% in 2021, from 2020. The merchant acquiring business processed over 300 million transactions during 2021 - and has also seen