A financial partnership between Sharjah and Mashreq Bank achieves 52 million transactions and a success rate exceeding 99%
Sharjah, 8 July / WAM / Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Central Finance Department, confirmed that the strategic partnership with Mashreq Bank – the “NewPay” platform represents a successful model of integration between the government sector and the banking sector and contributed to the development of innovative financial solutions that enhanced the efficiency of the government collection system and provided advanced digital services that meet the aspirations of the Sharjah government and keep pace with its goals in digital transformation.
On the occasion of more than fifteen years of the strategic partnership that brought together the two sides, Sheikh Rashid bin Saqr Al Qasimi said: We view this partnership as a model of cooperation based on innovation, trust, and joint work, as we have succeeded together in developing qualitative solutions that anticipate future requirements and establish best practices in government payments management. We will continue to work with Mashreq Bank – the “NewPay” platform to develop smarter and more flexible financial solutions that enhance the efficiency of government services, support the digital transformation system, and contribute to improving customer experience and achieving sustainable development.
The results reviewed by the two sides on this occasion showed the magnitude of the impact achieved by this partnership, as the number of transactions executed through point-of-sale devices exceeded 52 million transactions, while the number of transactions executed through global digital wallets exceeded 10 million transactions, with a success rate of transactions exceeding 99%, which reflects the reliability and efficiency of the digital financial system.
For his part, Vibhor Mahendra, CEO of Newpay Digital Payments, said: Our partnership with the Sharjah Central Finance Department constituted a pioneering model of cooperation in developing the digital government payments system, as it was based on a common vision that aims to harness the latest financial technologies to provide innovative, safe and highly efficient payment solutions in a way that supports the Sharjah government’s directions in digital transformation and government excellence.
He added: This cooperation contributed to the implementation of many qualitative initiatives, most notably adopting the latest digital payment technologies, developing advanced solutions for payment devices, and enhancing the bank settlement and financial recovery system, which provided a smooth and reliable payment experience for government agencies and customers and achieved exceptional levels of operational efficiency and reliability.
The two sides reviewed a number of pioneering achievements achieved thanks to this partnership, the most prominent of which was the leadership of the Sharjah Central Finance Department in implementing the three global digital wallets and adopting the latest mobile payment device solutions “MPOS” since 2017, in addition to providing the lowest rate of bank fees for government transactions in a step that reflects the success of the ongoing cooperation between the two sides in providing innovative financial solutions to government agencies and customers.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and
