Mashreq, one of the leading financial institutions in the UAE, and noon.com, the region’s premier homegrown e-commerce platform, have announced a long-term strategic partnership to redefine the digital payments experience for UAE consumers. Aligned with the UAE Vision 2021, the partnership endeavours to support the evolving needs of customers in a hyper-digital world.
The joint venture will combine Mashreq’s digital banking capabilities and noon’s e-commerce platform in the regional market, ensuring that customers can access a range of services that are catered to customers’ lifestyles while making the digital experience secure and rewarding.
H.E Abdul Aziz Al Ghurair, Chairman at Mashreq Bank, said: “The region’s e-commerce landscape has rapidly evolved in recent years, but it has significantly accelerated over the last few months as people increasingly shop online due to the Covid-19 pandemic. This milestone partnership between Mashreq and noon – two companies with a shared commitment to make the lives of customers easier through digital-first innovation – reflects this burgeoning market and will serve to simplify the online shopping experience for consumers navigating an increasingly digital world. Mashreq’s leading banking and financial expertise combined with noon’s lifestyle and consumer experience capabilities will ensure e-commerce continues to make huge strides in the UAE, even as we enter a post-pandemic world.”
The first leg of the partnership will kick off with the launch of the ‘Mashreq noon VIP Visa Credit Card’, the UAE’s first e-commerce co-branded credit card. It will offer customers a wide range of benefits including 3.5% cashback on all purchases at noon, 1% on all other domestic and international spends, a joining bonus of AED 500, and zero annual fees. Additionally, cardholders will receive exclusive noon privileges including free delivery on all noon express orders, complimentary discounts at multiple merchant and retail partners, and 0% interest rate for the first six months. Mashreq customers can apply for the card with zero paperwork through the bank’s digital platforms, receiving a digital card in as little as three hours.
Mohamed Alabbar, noon founder, said: “I firmly believe our market is on the cusp of a large e-commerce revolution, one which the pandemic will only accelerate. Noon was created to provide the people of this region with a local player they could rely on, offering incredible service and experience. Over the past few months noon has experienced its own growth, becoming a much-needed and loved utility. People are shopping online with increased vigour, trust and need. We want to ensure our customers can enjoy the most compelling and exciting online shopping experience which is why we are excited about this market-leading partnership with Mashreq. Our ‘Mashreq noon VIP Visa Credit Card’ will give customers a secure, seamless shopping experience whilst rewarding them for their loyalty.”
Already live in the UAE, the noon VIP program will be available to all Mashreq and noon customers who are registered Mashreq noon VIP VISA credit cardholders.