MasterCard International and the United Arab Emirates (UAE)’s Mashreqbank unveiled a new service in the Gulf for e-merchants that guarantees a secure online payments system for web purchases.
Mashreqbank is the first member financial institution to offer the MasterCard Internet Gateway Service (MIGS) to web merchants in the Gulf region. MasterCard, an innovator in payment processing security, developed MIGS in response to the growing demand for secure web-based shopping.
MIGS has been in operation for more than two years with $36.5 million annually billed through the system. MIGS provides its services to member financial institutions worldwide from its hub in Sydney, Australia.
Founded in 1967, Mashreqbank is the oldest private-sector bank in the UAE. It is the leading retail bank in the UAE and also ranks among the largest in commercial, treasury, investment and correspondent banking, with total assets of 22.7 billion Emirati dirhams ($6.17 billion). — (menareport.com)
© 2002 Mena Report (www.menareport.com)
