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Secure card payments

Mashreq's award-winning portfolio of credit cards uses cutting-edge technology to ease the payments journey for both the customers and merchant acquiring partners Mashreq's award-winning portfolio of credit cards uses cutting-edge technology to ease the payments journey for both the customers and merchant acquiring partners

Pankaj Kundra is the Head of payments at Mashreq UAE. In this role, he has overall responsibility for Mashreq's payments business, including personal and commercial credit cards, debit cards and the acquisition of merchants. He is also responsible for driving innovation within the bank's payments operations. Excerpts from an interview with Khaleej Times.
Expertise in the UAE
Being the head of payments of one of the UAE's leading banks is a huge source of personal pride, and this provides all the motivation I need to create a distinctive and relevant customer experience. Our award-winning portfolio of credit cards uses cutting-edge technology to ease the payments journey for both our customers and merchant acquiring partners. 
Mashreq has made significant investments to ensure card payments are secure, introducing transaction alerts, chip and pin security, 3D secure authentication, tokenisation, state-of-the-art fraud detection and deflection systems, all aimed at providing customers with the confidence and peace of mind they demand.
With an increasing appetite for smart payments amongst UAE customers, Mashreq continues to lead the digital revolution (and the market), being the first to introduce Mashreq Pay, Samsung Pay and Apple Pay in 2017, and more recently, Google Pay, which was launched in November 2018.
Earlier this year, Mashreq also became the first bank in the region to enable the acceptance of Alipay, the leading Chinese digital wallet. Available at more than 500 merchant locations, the bank saw 10 times increase in transaction volumes during the first month of launch.
Continuing the trend of introducing new technology to the region, the bank became the first financial institution in the UAE to introduce QR code payments through an exclusive partnership with MasterCard. The service enables customers to make cashless payments via Mashreq's mobile banking app, Snapp, at retail outlets across the country.
Industry trends
Mashreq continues to play a pivotal role in supporting the aspirations of the leaders to make the UAE a truly smart nation. Reflecting the government's vision for a cashless society, we are increasingly seeing individuals carry less and less cash, making more frequent use of their 'plastic' to settle bills, pay airfares, make hotel bookings and dine out.
UAE residents' have embraced digital payments, and cards have grown significantly with domestic spending accounting for 79 per cent of all the money spent across our network. Furthermore, e-commerce transactions using cards issued in the UAE rose by two thirds in the last 12 months, and Mashreq card purchases using digital wallets grew steadily, with the bank experiencing an 80 per cent growth in the last six months. 
Technology trends in the industry
Whether it is mobile payments using scanned codes or credit card transactions using biometric authentication, digital payments are now everywhere, proving technology is integral to the modern payments experience.
We anticipate the payment habits of individuals will evolve as they are exposed to the smart world that cutting-edge global technology will bring.
The average consumer in the UAE is very receptive to new technologies and is willing to embrace new payment methods. With a smartphone penetration rate of 78 per cent, the UAE leads the region, launching global wallets such as Apple Pay, Samsung Pay and Google Pay. 
As a provider of both cards and point of sale (POS) technology, we recognise the importance of security. Consequently, all our POS terminals accept contactless payments ensuring customers can complete transactions securely with a simple tap of their card or smartphone and our merchant partners can accept a wide range of payments, including Alipay and QR code Pay.
Ideal credit card programme
An ideal credit card in today's world is the one where the customer doesn't have to carry it in his or her wallet or purse or worry about losing it. We believe that contactless payments are the future and that future is here now. A simple tap of a phone at the point of sale or a click of a button online makes the customer's payment journey both easy and secure. With advanced fraud risk management in place, Mashreq continues to lead in developing innovative payments methods that consistently meet the changing needs of customers and merchant partners; the most recent development being the introduction of the Google Pay digital wallet for Mashreq credit and debit card customers. 
Moreover, customers should look for a card that can be controlled digitally. Mashreq cardholders can use this facility through SNAPP, which allows them to lock/unlock, block/activate, or block their card at the simple touch of a button.
Credit card for all
Research has shown that the majority of consumers choose a credit card based on their lifestyle or on the potential discounts and benefits offered by the card provider. The UAE is a multicultural market with residents from various walks of life, and Mashreq works hard to maintain its focus on consumers and their passions. Be it dining, travel, shopping, fitness, or golf, Mashreq has a credit card for every individual.  Customers can earn Salaam points when they use their Mashreq card and can redeem their points across a wide range of lifestyle options. Customers can use the points to shop for free at 2,200 leading retail outlets, including Sharaf DG, Jacky's, Jumbo, Home Centre, Joyalukkas and many more or redeem for travel with any airline partners by visiting Mashreq.com/salaamonline.
Other benefits of Mashreq cards include discounts of up to 30 per cent off at over 2,000 restaurants; year-long travel offers such as discounted flights, hotels and holiday packages; free travel insurance, airport transfers and airport lounge access; discounts at various categories, such as retail/online stores, entertainment, wellness and spa, kids party, rent-a-car, and more; free access to 34 Fitness First centres in the UAE; and unlimited free golf for customers at UAE's best golf courses. For more details, visit Mashreq.com/cards