Published on February 28th, 2017 | by Bhavishya Kanjhan0
Mashreq Bank announces integration with Samsung Pay
Mashreq Bank has announced a partnership with Samsung Pay that allows customers of the bank to use their cards with Samsung Payment. Under this partnership, users can now add multiple credit and debit cards to their Samsung Phone and use it to make payments to practically any credit card payment terminal across the world. In fact, Mashreq Bank is even giving out a Samsung device with some of its accounts to promote the partnership.
Unlike Apple Pay, which only works on NFC enabled terminals, Samsung Pay feature Magstripe compatibility which means you can use payments on practically all terminals across the world. In addition to that, Samsung Pay uses tokenization (also found on Apple Pay) that features a credit card number different from your actual card number when processing orders. This ensures security for your credit card and reduces the chances of fraud since the merchant never sees your actual credit card details at all.
Even though it’s taken a while to come the UAE, it’s positive to see Samsung Pay arrive in the region. Mobile payments are not only more convenient but also a lot more secure. Let’s hope more banks introduce these capabilities and technology sooner rather than later to the region.