The initial integration is live at some 2,000+ store locations across the UAE, spanning shopping malls, luxury stores, supermarkets, and restaurants, to enhance the overall payment experience for international visitors.
Dubai, UAE, September 28, 2023: In a significant move to transform digital payment experiences, NEOPAY, the payment subsidiary of Mashreq and one of the pioneering merchant acquirers in the UAE, became the first acquirer in the UAE to launch Alipay+ renovative cross-border digital payment and marketing solutions to merchants on their POS devices.
The initial integration is live at some 2,000+ store locations across the UAE, spanning shopping malls, luxury stores, supermarkets, and restaurants, to enhance the overall payment experience for international visitors. The existing solution will be upgraded to Alipay+ seamless from the backend for all merchants. NEOPAY will further roll out the Alipay+ solution at all other merchants throughout the year.
Vibhor Mundhada, CEO of NEOPAY, commented, “NEOPAY, with its technological acumen powered by Mashreq, has consistently led the digital payments revolution. Our strategic partnership with Alipay+ augments this trajectory, enabling our merchants to seamlessly integrate multiple Asian wallets, streamlining the payment process. This partnership not only highlights Mashreq and NEOPAY’s relentless drive towards a digitised economic landscape but also cements our reputation as one of the early adopters of this transformative payment solution. The synergy with Alipay+ propels our growth, expanding our reach in the burgeoning mobile payment ecosystem.”
Alipay+, with its astounding reach to over 1.4 billion global consumers behind more than 20 mobile wallets and banking apps including Alipay (Chinese mainland), MPay (Macao SAR China), TrueMoney from Thailand, GCash from the Philippines, Kakao Pay from South Korea, and Tinaba from Italy, augments the digital payment spectrum in the UAE.
The Middle East’s tourism sector has recorded the strongest rebound in the world, according to the latest research. Tourist arrivals jumped 15 percent in the first quarter, compared to the same period in 2019. Notably, the UAE, being a magnet for global tourists and having attracted 14.36 million visitors in 2022—22% of whom are from Asia—is set to see a transformation in its payment landscape. The alliance with Alipay+ will empower Asian tourists to opt for their preferred payment methods at NEOPAY-affiliated establishments, spanning malls, retail spaces, restaurants, and hotels.
Guoming Cheng, General Manager of Ant Group in Europe and the Middle East, added, “Together with Mashreq and NEOPAY, we are thrilled to put Alipay+ solutions at the service of vast merchants in the region, enabling them to not only accept Alipay but also process various digital payment methods through simple integration to make visitors across Asia and beyond more welcoming. Together, we look forward to transforming the retail landscape and capturing more growth opportunities for merchants and a seamless experience for consumers.”
NEOPAY’s expansive vision encompasses merchant acquisition, issuing processing, consumer payment platforms, and an array of value-added services. Moreover, its platform promises burgeoning SMEs a gamut of services, including SAAS based on Enterprise Resource Planning (ERP) combined with payment capabilities—a holistic solution to ignite and manage their business pursuits. With its foundation rooted in Mashreq’s success, witnessing growth of 26% compared to the previous year across diverse sectors, NEOPAY aspires to seamlessly blend all payment systems onto one cohesive platform.
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