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 VP Group Head Retail Banking Group Mashreq Bank
“The launch of NEOPAY, is a strategic move that will help fuel the growth of Mashreq’s payment business, and enable us to solidify our leadership role in the rapidly evolving payments space. Mashreq is already a leader when it comes to offering omnichannel payment products that add value for our customers, whether it be through point-of-sales terminals, innovative integration solutions that work with merchant cash registers, and unattended self-service, transit, and mobile payments solutions. As digital payments continue to rise in popularity, we are proud to launch this service and further strengthen our position as the largest and fastest-growing e-commerce acquirer in the UAE.”
Meanwhile, Mr. Vibhor Mundhada, CEO of NEOPAY, remarked that “We are constantly aiming to offer solutions which help our customers, citizens, government, and the private sector to grasp the enormous benefits of the digital economy. The launch of NEOPAY is further evidence of our ongoing commitment to shape the future of payments across the region. This new brand, under a standalone entity, will combine the powerful Mashreq brand with the very latest cutting-edge technology to drive our growth agenda.”
Its business lines include merchant acquiring and issuing processing business, consumer payment platforms, as well as value-added services such as data monetization, ‘Buy Now, Pay Later’, and various other software solutions. Through the platform, retailers and SMEs can take advantage of Enterprise Resource Planning (ERP) bundles with payment capabilities from SAAS, providing a one-stop shop for starting and managing their business.
NEOPAY’s technical assets include a card processing system, a merchant acquiring system, a processing switch, payment gateway technology, and POS inventory and software. All systems used by NEOPAY are PCI DSS certified to ensure that the subsidiary’s data security meets globally accepted standards. Notably, all NEOPAY transaction processing is done in-house using proprietary and licensed technology.
