UAE-based Mashreq has announced the launch of the region's first fully EMV Chip and PIN compliant mobile POS solution.
The Mashreq Payport will be primarily targeted at businesses that are dependent on cash to facilitate home deliveries and will provide a convenient, secure and cost-effective solution.
All typical smartphones can be converted into a payment acceptance terminal by downloading the Mashreq Payport app onto it and inserting the card into the accompanying device.
In order to bring the new system to the UAE market, Mashreq has partnered with MasterCard and Swiff to devise the payment operations.
The company has enlisted Al Maya Supermarket, Pizza Express, Cold Stone Creamery, Popeyes and Champion Cleaners as launch partners for the service.
Ravi Bhardwaj, head of market development in the Middle East and North Africa at MasterCard, said, "Retailers and consumers alike are fast embracing innovative new payment solutions, and mobile devices have become a preferred platform to conduct payments."
By Asim Shah