Mashreq Bank – Egypt, in cooperation with Masria Digital Payments, has launched its latest products to simplify purchases by using easy-to-wear payment bracelets.
The easier payments system is available at a large number of commercial outlets inside and outside Egypt.
Amr El-Bahey, CEO of Mashreq Bank, said, “Mashreq Bank is keen on providing innovative banking products and solutions, with the latest technologies to meet the aspirations of the market and customers. We, in Mashreq, believe that we can make everything possible.”
Haitham Hammad, Executive Vice President at Mashreq Bank, said, “The new payment bracelets are innovative means of payments, and they come as an important step within the bank’s endeavours to provide the latest payment technologies to customers.”
Noting that the bank also plans to launch Mashreq Pay this year, Hammad added, “These developed technologies began with providing contactless payment services on cards last year, then the bracelets this year.”
Head of Payments at the bank, Passant El Naggar, said that the bank aims to simplify payment methods and encourage youth to use bracelets to reach a community that is less dependent on cash.
The bracelets feature an elegant design that enables customers to wear them at all times to make purchases anywhere through direct and safe payment.
“All you have to do is to move the bracelet close to the payment points to complete your purchases valued at less than EGP 600,” she said, “You will not have to enter a PIN number.”
Mashreq Bank customers with credit cards can apply for the product by calling the Customer Service Center on 19677. Meanwhile, new customers can obtain this product upon obtaining any of the credit cards issued by Mashreq Bank.
Each payment bracelet contains a miniature card with a number consisting of 16 digits, and is connected to the Mashreq credit cards as a supplementary payment method.
It ensures that customers control the bracelet’s transactions and adjusts the credit limit when needed, as well as request a replacement in case of loss, damage, or even suspension.
Ahmed Nafie, Executive Vice President of Masria Digital Payments, said that his company works to provide safe and innovative payment solutions.
“In this context, our partnership with Mashreq Bank involves launching the new payment bracelets which are quick and secure,” he said, “Using them, customers can complete contactless purchases through electronic payment machines using the highest internationally applied security standards.”