Dubai’s Mashreq carves out payments unit amid e-commerce boom

Dubai's Mashreqbank PSC has grown its payments arm into a new unit, NeoPay, to focus on handling businesses' credit and debit card payments during the ecommerce boom. — REUTERS

Dubai-based Mashreqbank PSC has carved out its payments arm into a new unit, NeoPay, focused mainly on helping businesses handle credit and debit card payments amid a pandemic-fueled ecommerce boom.

Mashreq’s new unit will fold in payment services with the lender’s existing merchant acquiring business, which helps process card-based payments. It will be led by Vibhor Mundhada, previously vice president and head of merchant acquiring.