Mashreq Bank, a financial institution in the U.A.E., announced a new partnership with MasterCard and Swiff to roll out the region's first complete Chip & PIN-compliant mPOS solution, reported Finextra. Many merchants in the U.A.E. rely heavily on cash transactions for home deliveries, and Mashreq Bank aims to provide new solutions that will help merchants expand their payment options.
The solution is dubbed, "Mashreq Payport," and allows merchants to convert any smartphones into a complete payment acceptance terminal. In order to use the program, merchants need only download the Mashreq Payport application and put a customer’s card into the device.
Nimish Dwivedi, head of payments at Mashreq said, "The launch of Mashreq Payport is set to transform the payments industry and it truly underlines our leading position in this domain. Businesses will now get extremely easy and secure solutions for their home delivery mobile sales force or many such business verticals which are cash dependent. We are proud to have Al Maya Supermarket, Pizza Express, Cold Stone Creamery, Popeyes and Champion Cleaners as launch partners for this market defining innovation."