Mashreq Bank Launches Neopay

Mashreq Bank Launches Neopay

Mashreq Ban has completed the transition of its existing payments business into a new, wholly owned subsidiary, IDFAA Payment Services LLC, with a brand name NEOPAY, powered by Mashreq.

NEOPAY, powered by Mashreq Bank, 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.

It builds on the successes of Mashreq’s existing merchant acquiring business, which processes USD22 billion of annual volume across the retail, government, hospitality and eCommerce sectors. 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 e-commerce volumes