UAE’s Mashreq Bank launches paytech subsidiary Neopay
United Arab Emirates’ Mashreq Bank has launched Neopay, a unified merchant acquiring and consumer paytech business.
Neopay is the brand name of the bank’s new wholly-owned subsidiary, IDFAA Payment Services, which has consolidated all of Mashreq’s existing payment systems into a single platform.
Neopay consolidates all of Mashreq’s existing payment systems
Mashreq says Neopay will leverage card processing and merchant acquiring systems, processing switches and point-of-sale (POS) inventory to streamline the payments process for merchants and consumers.
Mashreq’s senior executive vice president and group head of retail banking group, Fernando Morillo, says the launch of Neopay is “a strategic move that will help fuel the growth of Mashreq’s payment business”.
Vibhor Mundhada, Neopay CEO
The platform is built on Mashreq’s existing merchant acquiring business which processes $22 billion worth of annual volume across retail, government, hospitality and e-commerce.
The business processed more than 300 million transactions over 2021 and has also seen e-commerce volumes grow by more than 170% against 2020.
Neopay’s business lines will include a merchant acquiring and issuing processing business, consumer payment platforms and services such as data monetisation and buy now, pay later (BNPL).
The bank adds that through the platform, small merchants and SMEs will also benefit from Software-as-a-Service (SaaS) offerings such as enterprise resource planning (ERP) bundles with payments capabilities – providing a one-stop-shop to start and manage a business
Vibhor Mundhada, a long-standing senior executive at Mashreq, was named Neopay CEO. He’s been with the bank for nearly eight years, most recently as senior vice president, head of merchant acquiring, strategic alliances, and digital wallets.
