+1-888-308-5802     
News Contact Us

Mashreq Bank expands deal with Alipay to assist Chinese tourists

Author : Paroma Bhattacharya | Published Date : 2018-08-06 

Mashreq Bank, one of the oldest privately-owned banks of the UAE recently announced its plan of expanding partnership with Alipay, the Chinese mobile payments provider. Mashreq Bank expects its retailers to grow from 150 at present to 1000 with the next three months due to the influx of Chinese visitors to the UAE.

Alipay, the mobile payment platform with 600 million users in China entered into a tie up in February 2018, enabling Chinese customers to make payments using Alipay digital wallets on tablet and smartphones at merchant outlets in the UAE. Dubai organizations and companies have been partnering with Chinese companies to facilitate the visit of Chinese tourists to the emirate.

Pankaj Kundra, head of payments, Mashreq Bank, has been reported to say that 20% to 25% of all purchases made by Chinese visitors in the UAE are expected to be made through Alipay. However, he did not reveal the value of the transactions, only mentioning that the figure runs to tens of millions of dirhams and that the transactions in the UAE has risen by 16 times between April and June 2018.

A system for visa-on-arrival was introduced for Chinese tourists in 2016 as Dubai was looking to boost its tourism scenario. Dubai tourism reportedly claimed that during the first half of 2018, the number of Chinese tourists to Dubai has surged by 9% to 453,000 as compared to the same period in 2017. Mashreq has equipped 150 of its retail partners with the technology to facilitate Alipay transactions but with the surge of Chinese tourists, Mashreq is planning to equip 1000 retail partners with technology to handle Alipay transactions. These retail partners are expected to include luxury goods, hotels, jewelry brand and fashion retailers.

Mr. Kundra said that the decision has been based on the fact that Chinese are among the dominant nationalities visiting the UAE and a majority of them prefer to use their smartphone to make payments rather than cards.

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

Related News

Snapsheet closes its Series E investment round at $29 million

Published Date: 2019-05-21         Author: Paroma Bhattacharya

The funding would be further accelerating the company’s ongoing efforts of facilitating wider claims management solutions on a global level. Following the Series E round, the total capital raised by the company has reached the $71 million mark. Snapsheet, a renowned pioneer of virtua... Read More

Brazilian court lifts one of two restrictions on Norsk Hydro plant

Published Date: 2019-05-18         Author: Paroma Bhattacharya

The federal court in Belem, Brazil has reportedly lifted one of two production restrictions on a key plant owned by Norsk Hydro, the Norwegian metal manufacturer said in a statement. As per trusted sources, the Alunorte alumina refinery, which is a main supplier to the aluminum industry, presentl... Read More

Lotus works on hypercar with expansion in Midlands & 200 new staff

Published Date: 2019-05-13         Author: Paroma Bhattacharya

Lotus, the British sports car manufacturer, recently announced that it will be hiring 200 engineers as it seeks to triple its yearly car production capacity. Reliable reports cite that the car manufacturer, in a bid to reinvent itself, will be increasing its car production to 5,000 per year with ... Read More

© 2019 Fractovia. All Rights Reserved