Mashreq Bank rolls out NEOPAY

UAE-based Mashreq Bank has launched NEOPAY, which comprises of merchant acquiring businesses, payments processing, and issuer/acquirer processing.

NEOPAY, supported by Mashreq Bank, will leverage 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 Mashreq’s existing merchant acquiring business, which processes USD 22 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 comes at a time in the payments sector, in which digital payments are soaring, according to the press release. The company states 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’s technology assets include a card processing system, merchant acquiring system, processing switch, payment gateway technology as well as POS inventory and software. All systems used by NEOPAY are PCI DSS certified, ensuring that the subsidiary’s data security meets globally recognised standards. Notably, all of NEOPAY’s transaction processing will be completed in-house with owned and licensed tech systems.