Mashreq Bank, a UAE financial institution, has announced that it will provide WeChat Pay acceptance at select partners across the UAE. This comes following an agreement between Mashreq and Tencent Holdings Limited, the official developer of WeChat.
The mobile payment service will be soon available at select Mashreq merchant partners across the UAE through the platform. Customers who have the Chinese digital wallet can pay bills, order goods and services, transfer money to other users, and pay in stores which support the WeChat Pay option.
Commenting on the launch, Kartik Taneja, EVP – Head of Payments at Mashreq Bank said, “As one of the leading payment acceptance service providers in the UAE, Mashreq is now offering WeChat Pay as a payment solution enabling customers to conduct transactions directly from their mobile devices as well as offering businesses a competitive edge to drive their growth by keeping pace with new technologies. As China’s leading mobile payment service provider with more than 800,000,000 active users, WeChat Pay offers a fast and efficient method of interaction between customer and merchant.”
“At Mashreq Bank, we are continually focused on expanding the scope of acceptance options for our partners as well as prospective customers. Mashreq ensures that all retailers will benefit in attracting more customers with this unique solution.”
WeChat Pay also caters to the large number of Chinese residents and tourists in the UAE, allowing them the benefit of using this option to make a variety of cross-border transactions when outside of China. there is high potential to see WeChat Pay acceptance in the UAE. The latest offering by Mashreq will enable Chinese residents and tourists to transact seamlessly and securely via Mashreq merchant network in the UAE.
Commenting on the launch, Jeff Hu, Regional Director, WeChat Pay EMEA said “WeChat Pay is very pleased to work with Mashreq, and we are hoping to jointly offer better experience for CHN visitors and more benefit for local merchants
WeChat Pay is incorporated into the larger WeChat application, the premier social media and payments application in China. Domestic and overseas versions of the app have a combined monthly active user base of 1.25 billion as of June 2021.