24 October 2014

Mashreq rolls out contactless stickers

08 April 2014  |  3512 views  |  2 Mashreq branh

United Arab Emirate-based bank Mashreq is offering customers stickers that can be attached to mobile phones and used to make contactless payments.

Available to Mashreq credit card customers, the stickers can be used to make purchases under AED 100 at over 4000 merchants in the UAE.

Each sticker has its own 16 digit number and is linked to the customer's card, letting them earn reward points, cash-back and other spend-linked benefits.

Farhad Irani, head, retail banking, Mashreq, says: "At Mashreq we asked ourselves - if we can communicate , connect , shop and entertain ourselves on the smart phone, why do we still impose upon our customers a plastic card, something created in the 1950s almost over sixty years ago."
KeywordsEFTPOS

Comments: (2)

Andrew Smith - CloudZync - London | 08 April, 2014, 11:14

Great comment from the head of retail banking. Though the card is over sixty years old, you still opt to use the same old card numbers and infrastructure. A consumer could just stick their contactless card to the back of their phone? Im not sure this is innovative...

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Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 09 April, 2014, 15:11

At the risk of using a morbid analogy, sticker on smartphone is like Band Aid on cancer - pointless. On another note, replacing something 60 years old with something else that's hardly trailblazing is innovative?

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