UAE-based Mashreq Bank has carved out a new wholly-owned subsidiary from its existing payments business to bolster its position in the digital payment space.

The new unit, IDFAA Payment Services, is branded as NEOPAY, powered by Mashreq.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Through NEOPAY, Mashreq Bank is looking to consolidate all of its existing payment systems into a single platform.

NEOPAY will leverage technology, including card processing and merchant acquiring systems, processing switches and PoS inventory to offer services to merchants and consumers.

The new unit builds on Mashreq Bank’s earlier payments business, which is said to process $22bn annually across several sectors.

Mashreq Bank group head of retail banking group Fernando Morillo said: “The launch of NEOPAY, is a strategic move that will help fuel the growth of Mashreq’s payment business, and enable us to solidify our leadership role in the rapidly evolving payments space.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“As digital payments continue to rise in popularity, we are proud to launch this service and further strengthen our position as the largest and fastest-growing e-commerce acquirer in the UAE.”

NEOPAY will offer consumer payment platforms and merchant acquiring and issuing processing services.

Additionally, it will offer services such as data monetisation, ‘buy now, pay later’ and other software solutions.

NEOPAY CEO Vibhor Mundhada said: “The launch of NEOPAY is further evidence of our ongoing commitment to shape the future of payments across the region. This new brand, under a standalone entity, will combine the powerful Mashreq brand with the very latest cutting-edge technology to drive our growth agenda.”