Mashreq Bank strives for regional digital payment leadership with NEOPAY

Mashreq Bank strives for regional digital payment leadership with NEOPAY

Mashreq Bank, a leading financial institution in the UAE, has completed the transformation of its existing payment business into a new wholly-owned subsidiary, IDFAA Payment Services, under the brand name NEOPAY.

The Mashreq Bank-powered NEOPAY will utilize the latest technology and innovation including card processing, merchant acquiring systems, processing switches, and PoS inventory to provide a seamless payment experience for merchants and customers.

NEOPAY, which integrates all existing payment systems into a single platform, is based on the success of Mashreq’s existing merchant acquisition business, which processes $22 billion annually in retail, government, hospitality, and eCommerce sectors.

According to statistics, 70 percent of people in the Middle East and North Africa, especially in the GCC, are willing to pay via mobile phones. Payments through credit cards and mobile phone apps are increasing every year. NEOPAY is launched at the right time when digital payments are booming in the payment sector.

NEOPAY is ranked as one of the top three merchant acquirers in the UAE, from 2020 to 2021, Mashreq’s volume increased by more than 50 percent. The merchant business processed more than 300 million transactions in 2021 and has also seen eCommerce volumes grow by more than 170 percent against 2020.

Fernando Morillo Lopez

Senior Executive