With Samsung Pay coming out in full force, Mashreq Bank has already embraced a new advent in digital banking with open arms. It has already began to offer its customers early access to Pay service. Samsung Pay allows a user to us their phone to work as a contactless credit or debit card. In doing so, Mashreq Bank are now placed in a great position to be seen as an early innovator in UAE’s banking sector. I sat down with the team to see how Mashreq is leveraging this service to their benefit.
Mashreq debit and credit cardholders on Visa or Mastercard that us Samsung phones ( Samsung Galaxy S7 and S7 edge, Galaxy S6 edge+, Galaxy Note5, Galaxy A7 and A5. ) are now enabled to perform transactions at any purchase terminal instantly without the use of plastic cards. Samsung Pay is a secure mobile payment service that is compatible with the latest Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies.
“At Mashreq, we believe in launching innovations that benefit our customers. We are passionate about providing our customers with digital tools to make their day to day financial management better. To our customers, a better experience means it must be simple, fast and convenient. We pioneered Cardless Cash and Card Control in 2015 and 2016 respectively as the first Bank to make it possible to withdraw cash without a card and to empower customers to have full control over their cards instantly.” Subroto Som, Head of Retail Banking, Mashreq
Additionally, and for a limited period, new customers who apply for a Mashreq Solitaire, Smart Saver Global or Platinum Elite credit card will also receive a free Samsung Galaxy S7 edge smartphone, preloaded with Samsung Pay and be the among the first to be able to use the mobile payment solution. Samsung Pay provides secure payments using biometric authentication, tokenization and Samsung Knox to secure customer payment information.
Som added, “These innovative initiatives from Mashreq are aligned with UAE’s vision to become a digital economy. Although the penetration of digital wallets is still in a nascent stage, I strongly believe the market will grow exponentially in the next few years. Partnering with Samsung is an exciting move in that direction. Samsung Pay App offers Mashreq Cardholders and merchants a simple and secure way to conduct payment transactions. It is the kind of innovation that brings the worlds of mobile payments and physical commerce closer together.”
“When it comes to developing and designing our products and solutions, we always keep the consumers’ experience and journey as a priority.” , Mohammad Gharaibeh, Head of B2B in IT and Mobile (IM) Division, Samsung Gulf Electronics.
“With the high penetration of mobile users in the UAE and a corresponding surge in digital payments, ease and security in payments remain the top priority for our customers. Samsung Pay is a secure and easy-to-use mobile payment service which can be used to make purchases nearly everywhere that cards are accepted. We thank Mashreq for its endorsement of our solution as the first Bank in the region to have early access to Samsung Pay as we expand the reach of Samsung Pay globally and realize its full potential for the consumer.”
Existing Mashreq credit card customers can also enjoy the benefits of Samsung Pay by visiting www.mashreq.com/samsungpay to place a request or respond to the email communication that Mashreq will send, and be expertly guided on how to download and use the solution.
Apple users aren’t left out
For iPhone users, who can’t use Apple Pay just yet, Mashreq has also become the first Bank in the UAE to integrate with Apple’s Siri for voice-powered payments. The feature allows customers to transfer payments using Apple’s virtual assistant. First-time users will need to register for voice banking services. To transfer payments, users will simply need to tell Siri how much they want to send, to who, and confirm using either their PIN or touch identification. Keeping security in mind, the new feature only works on password protected devices.
Transfers can only be sent to registered contacts in the phone and the limits are low keeping it anywhere from AED 1 to AED 500. Transfers can be to UAE accounts initially and SMS alert get generated at the time of transfer and also once the debit takes place.
Now done in a Snapp
With this in mind, Mashreq have made some significant changes to their mobile banking app, Snapp and integrated Samsung Pay within it quite nicely. It comes with a much demanded feature, Card Control. This gives users a full control over their cards and their supplementary cards using just the app, Mashreq’s Card Control gives customers the power to lock, block, limit, manage daily purchases and set maximum transaction amount and count on all their cards, thus giving customers instant security and empowerment on-the-go. The new functionality will make it easier and more convenient for customers to have full control on both credit and debit cards anywhere and at any time. In addition, customers can also apply instantly for Tap N Go at no additional cost to enjoy the benefits and convenience of contactless payments.
Som added, “In the past, customers didn’t have control over their cards, specifically the spending limits on the supplementary cards they give to their family. Also, customers sometimes misplace their cards, and then end up going through a poor service experience of having to call their bank, block or cancel each card. They are then forced to wait for a replacement card even if they found their misplaced card, as the bank will not allow them to use the card again. The new Card Control feature will address these concerns – customers can simply open Snapp, and instantly lock their misplaced card, and unlock it once it is found.”
The UAE’s highly successful first NFC mobile wallet “Tap n Go” that works on all type of phones and operating systems was first launched by Mashreq in 2014. Mashreq now enables customers to apply for Tap n Go sticker which can be placed at the back of any phone, enabling contactless card payments at thousands of merchants locally and globally. Customers can lock and unlock it via Snapp or Mashreq Online making it much more convenient and easier to use.
“We are witnessing an accelerated growth of smartphones, with UAE’s 78% smartphone penetration ranking among the highest in the world. Snapp is our most engaging channel with over 81% of digital enquiries and more than 3 million interactions each month. By Combining the popular Tap N Go Contactless payments capability into Snap’s Card Control feature, we are the first Bank in the region to deliver end-to-end contactless payment solution, with complete control in the customer’s hand.” Aref Al Ramli, Head of Digital Banking, Mashreq
Extended features of Snapp include push notification, geo-location, proximity notification and personalized messaging, including location based discounts and offers. The app also makes banking an even more convenient experience for Mashreq customers with instant e-account opening, Mashreq offers, Non Mashreq Credit Card payment, Instant Fixed Deposits and Easy Saver Account opening, without requiring a visit to the branch.
Mashreq Snapp is packed with some great features however the ones worth talking about are the ‘Block by Country’ and ‘Block by Merchant Category’. These are aimed at giving more power to the customer to safeguard the use of their debit and credit cards. Additionally, Mashreq’s Card Control gives customers the power to lock, block, limit, manage daily purchases and set maximum transaction amount and count on all their cards, thus giving them instant security and empowerment on-the-go.
The Block by Country feature allows customers to block specific countries where the card cannot be used. The Block by Merchant Category feature blocks certain categories so that the customer’s cards can never be used at merchant categories that are blocked by the customer.
Al Ramli added, “Since the launch in August 2016 of the first version, Card Control has been a great success. Currently, we have 36% of the existing Mashreq Snapp users, who use the Card Control features on a regular basis. This level of usage shows that customers want to be empowered and have control of their cards, transactions and limits.
The app makes banking an even more convenient experience for Mashreq customers with facilities such as instant e-account opening, Mashreq offers, Non Mashreq Credit Card payment, Instant Fixed Deposits and Easy Saver Account opening, without a visit to the branch.
