21 January 2017
visit http://www.wolterskluwerfs.com

Mashreq rolls out contactless stickers

08 April 2014  |  4980 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
Andrew Smith - CB Infrastructure - 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...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
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?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Finnish telco hawks pre-loaded contactless payments stickers

Finnish telco hawks pre-loaded contactless payments stickers

04 April 2014  |  4570 views  |  3 comments | 6 tweets | 3 linkedin
CommBank and Westpac to put Australia at forefront of Mobile NFC wave

CommBank and Westpac to put Australia at forefront of Mobile NFC wave

12 December 2013  |  5800 views  |  0 comments | 5 tweets | 7 linkedin
Mashreq packs branches with interactive experience tech

Mashreq packs branches with interactive experience tech

29 November 2013  |  4520 views  |  0 comments | 5 tweets | 5 linkedin
UniCredit to issue contactless stickers in Russia

UniCredit to issue contactless stickers in Russia

20 November 2013  |  3531 views  |  0 comments | 5 tweets | 4 linkedin
La Caixa to distribute 200,000 contactless stickers

La Caixa to distribute 200,000 contactless stickers

03 December 2012  |  8758 views  |  3 comments | 11 tweets | 6 linkedin
Citi Hungary introduces contactless stickers

Citi Hungary introduces contactless stickers

18 October 2012  |  5890 views  |  0 comments | 1 tweets
Barclaycard rolls out contactless stickers

Barclaycard rolls out contactless stickers

19 April 2012  |  15138 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit contisgroup.com

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
16384 views comments | 93 tweets | 113 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12845 views comments | 48 tweets | 44 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
11057 views comments | 31 tweets | 20 linkedin
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
7030 views comments | 41 tweets | 40 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6517 views comments | 21 tweets | 23 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job