Mashreq Bank and Mastercard launch Tap On Phone for SMEs

By Edil Corneille

Dubai-based Mashreq Bank and global payments technology company Mastercard have partnered to announce the launch of Tap On Phone, a new offering for Small and Medium Businesses (SMEs). Rolled out with the support of and enabled via Mastercard’s Payment Gateway Technology, Tap On Phone is part of a wider omni-channel SME in a Box service launched earlier this year in the Middle East & Africa region.

A recent Mastercard Contactless Consumer research revealed that 82 per cent of UAE shoppers consider contactless to be their preferred method of payment. Nearly 64 per cent of respondents confirmed that the pandemic has led them to use less cash, and 81 per cent said they will continue to use digital forms of payment once the pandemic is over, pointing to a long-term behavioural shift.

Mastercard’s Tap on Phone solution turns Android smartphones into secure payment acceptance devices for contactless cards, mobile wallets and smartwatches too – with no additional equipment or setup-related costs. Businesses can download the mobile app and offer it to their customers immediately, providing consumers with a checkout experience that is said to be flexible, seamless, intuitive and secure.

Kartik Taneja, EVP – Head of Payments at Mashreq Bank said, “The outbreak of Covid-19 is causing a strain on all businesses across industries and regions. Many small businesses that have traditionally accepted cash payments only, now need to adapt to new dynamics, by moving their businesses online and introducing new safer and more convenient methods of payment like contactless. Mastercard Payment Gateway Services have been our trusted partner for many years, and we are glad that by joining forces we were able to make this new solution available to thousands of small businesses in the UAE.”

Keith Douglas, EVP Payment Gateway Services at Mastercard commented, “Over 90% of UAEs business is generated by the SME sector, which has been truly affected by the current economic climate. Omni-channel solutions like SME in a Box, including Tap On Phone, bring a world of new opportunities to small enterprises in the region, often allowing them to compete with large retailers. We are proud to be launching this product with an innovative and forward-thinking partner like Mashreq Bank.”

Mastercard’s Tap on Phone solution is in 16 markets across Europe, Asia Pacific, Latin America, North America and Middle East & Africa. Pilots are taking place with partners in Costa Rica, Hong Kong, Poland, Kazakhstan, Romania, Canada, Belarus, Russia, Turkey, United Kingdom, among other countries.