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April 8, 2009

Mashreq, PayMate enter into partnership

To launch mobile payment services in UAE

By CBR Staff Writer

UAE-based private bank Mashreq and Indian mobile commerce company PayMate have partnered to launch mobile payment services in the UAE, according to reports.

The partnership is expected to offer services including over-the-counter shopping, utility bills, online purchases via the mobile as well as mobile applications enabling purchase of movie and flight tickets, to credit card users and Mashreq Bank account holders.

To avail the new free mobile service, customers need to do a one-time registration to link the Mashreq account to their mobile number. While making payments customers can either punch their card details on the mobile application or enter the PayMate PIN. The amount will be charged directly to the customer’s credit card or bank account.

According to reports, the new service uses a two-factor PIN authentication and banking grade data security for enhanced security and risk-control.

Ajay Adiseshann, founder and managing director of PayMate, was quoted as saying: With PayMate’s entry into the UAE market with a strong partner like Mashreq, we continue our aggressive growth streak. Our alliances with leading banks continue to grow our ecosystem and will allow many new customers to utilize mobile payment technology and experience the convenience and benefits that come with it.

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