Mashreq ties up with Visa to hasten SMB onboarding

Karthik Subramanian

Mashreq, the UAE-based card acceptance provider, has announced that it has tied up with Visa as it looks to push on the digital card acceptance space and bring in many more merchants onto the network in a bid to smooth the onboarding process.

ADS Securities launches first ever Arabic language trading app

The company has identified a few pain points in the merchant onboarding process for digital card payments and it has also identified the opportunity and the need that the merchants feel for processing digital payments as the world reels under the pandemic and more users look to stay at home and use digital payments even for basic needs.

“SMBs in the UAE have been hit hard by the pandemic, and although they are on the road to recovery, we recognize the pressures they face to meet the changing payment habits of their customers,” Shahebaz Khan, Visa General Manager for the UAE, said. “Most UAE merchants surveyed in Visa’s Small Business Recovery 2021 study (82 percent) see digital payments as a necessary investment in business recovery, and 51 percent of them expressed interest in low-cost acceptance solutions.”

The pain points that were seen in the process were lengthy process for onboarding new merchants, lack of feedback mechanisms, and other such complaints. Mashreq hopes that its partnership with Visa would help iron out these pain points and it would then be able to keep the merchants engaged with quick onboarding.

“We are increasingly experiencing a shift from cash to digital payment methods in the SMB merchants segment,” said Mashreq Executive Vice President and Head of Payments Kartik Taneja. “We are also experiencing unprecedented growth in the eCommerce merchants segment.”

The Middle East region is another region that has been growing in importance for the digital payments industry over the last year or so. For many years, this region was pretty much closed for business especially for the fintech companies like brokers, trading platforms, and digital payments but over the past year or so, there have been many changes in policies and regulations which has made the entry of fintech companies into this region much easier, either alone or through mergers and partnerships.

Homegrown companies continue to control the industry in the Middle East region and they have been using fintech from outside the region as their technology partners which presents a win-win situation for all as the local companies know the markets much better and their partners from outside have the onfarstucrure to meet the demand and help them grow together.

Read this next

Digital Assets

Crypto exchange Bittrex exits US market amid regulatory woes

Bittrex said on Friday it plans to wind down operations in the United States and voluntarily liquidate because of the uncertain regulatory environment surrounding their business.

Institutional FX

Tradeweb completes integration of Nasdaq’s US fixed income platform

Tradeweb Markets has completed the technology integration of Nasdaq’s US fixed income electronic trading platform, formerly known as eSpeed, which it acquired two years ago in a $190 million, all-cash transaction.

Digital Assets

FTX Europe to allow client withdrawals via new website

The Cypriot unit of failed cryptocurrency exchange FTX has launched a new website that it says would allow customers to withdraw deposits of fiat currency and crypto assets after months of suspension.

Retail FX

Liquidators apply to cancel SVS Securities’ FCA license

An update published today by Leonard Curtis said the UK high court of justice has approve their application to bring the special administration of the failed wealth manager SVS Securities to an end.

Digital Assets

Japan forms government panel to pilot digital yen

Japan’s Finance Ministry has created an advisory panel to look at the feasibility of issuing a central bank digital currency, otherwise known as “CBDC”.

Digital Assets

USDC sees massive $10.4 billion outflows in March

Cryptocurrency traders have withdrawn more than $10 billion from the world’s second largest stablecoin, USDC, in less than three weeks even as concerns over the fallout from the Silicon Valley collapse have receded.


OSTTRA’s Joanna Davies goes beyond 30-30-30 data standard at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Joanna Davies about OSTTRA.


CloudMargin’s Stuart Connolly on how to manage collateral amid high rates at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Stuart Connolly about CloudMargin’s SaaS platform, said to be the only cloud-native collateral and margin management system in the industry, at a time of stress due to rising interest rates.


Baton Systems’ Alex Knight on solving post-trade with DLT at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Alex Knight about Baton Systems’ about rising settlement fails, collateral management, and the profile of DLT beyond cryptocurrencies.