A long-term strategic partnership to redefine the digital payments experience for UAE customers has been revealed by UAE’s leading financial institution Mashreq and noon.com, the region’s premier homegrown eCommerce website.
The joint venture will unite the award-winning digital banking capabilities of Mashreq and the regional market’s leading eCommerce platform noon, ensuring that consumers can access a 360-degree range of services that appeal to the lifestyles of consumers while keeping the digital experience healthy and satisfying.
The first step of the collaboration will begin with the introduction of the UAE’s first eCommerce co-branded credit card named ‘Mashreq noon VIP Visa Card’.
It will deliver a wide variety of benefits to consumers, including 3.5 percent cashback on all midday transactions, 1 percent on all other domestic and overseas spending, a $136.13 (Dh500) joining reward, and zero annual fees.
Besides, for the first six months, cardholders can enjoy exclusive noon benefits including free shipping on all noon express orders, free discounts on the various merchant and retail partners, and zero percent interest rate.
Consumers in the UAE can apply for a card through the digital platforms of the bank and get a digital card within three hours.
Abdul Aziz Al Ghurair, Chairman, 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”.
Mohamed Alabbar, noon, said of the partnership: “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 growth, becoming a much-needed and loved utility. People are shopping online with increased vigor, trust and need.”
Mashreq is the oldest private banking firm in the UAE, providing traditional and Islamic investment banking services, including mergers and acquisitions, initial public offering and underwriting, corporate finance and investment advisory, traditional and Islamic asset management services, including wealth management.