April 7, 2022

Mashreq and noon.com collaborate to launch VIP Savings Account

categories : banking

Mashreq, one of the leading financial institutions in the UAE, and noon.com, Middle East's leading digital e-commerce platform, have partnered to launch the Mashreq noon VIP Savings Account.

The initiative is the latest solution as part of a long-term partnership between the two organisations – and follows the launch of the ‘Mashreq noon VIP Visa Credit Card’ last year.

As the first of its kind co-branded savings account in the UAE, the Mashreq noon VIP Visa debit card will provide customers with a range of unique benefits including a competitive cashback rate of 2% on all purchases made with the card on noon, noon Grocery, NowNow and SIVVI, 0.10% cashback on all other retail spends, up to 0.50% interest on saving account balance, as well as Salaam reward points, Mashreq’s loyalty programme, which enables instant rewards redemption across over 850 outlets throughout the UAE.

Free noon VIP membership

Account holders will also receive a free noon VIP membership – providing them with additional benefits such as discounts, priority customer service and same-day deliveries when shopping on noon.com. Additionally, account holders will have access to the full range of Mashreq’s products and services, which includes a state of the art mobile banking platform, foreign currency accounts, fixed deposits and remittance services.

Sridhar Iyer, Head of Mashreq Neo at Mashreq said: 'The Mashreq noon VIP Savings Account unlocks synergies with noon to provide superior value to our customers’ shopping and savings needs. Through the account, customers that shop at noon will be able to access a range of benefits including 2% cashback on their purchases, attractive interest on their savings account balance, and a free noon VIP membership.”

Kartik Taneja, Head of Payments and Consumer Lending at Mashreq said: “This product marks the latest initiative as part of our long-term partnership with noon – and reiterates our focus to continuously provide customers with valuable and convenient solutions to meet their needs. Interested customers will be able to open the new Mashreq noon VIP Savings Account within minutes through the Mashreq app or Mashreq website-no paperwork required. As e-commerce continues to gain prominence in our daily lives, we believe this partnership will continue to provide exceptional value – and we look forward to launching even more exciting initiatives.”

Catering to a wider demographic

Mosam Gadia, Fintech, noon, said of the partnership: “We’re proud to offer our valued customers on noon the region's first co-brand savings account, catered to a wider demographic of shoppers than before. Our team has been working hard to provide shoppers with a bigger saving incentive through competitive interest rates on saving account balance whilst continuing to elevate the Mashreq noon VIP shopping experience they know and love.”

Shahebaz Khan, Visa’s General Manager for the UAE, Bahrain and Oman, commented: “At Visa we have seen a significant shift to digital payments during the pandemic which shows no sign of slowing down. Mashreq noon VIP Savings Account with its digital onboarding and compelling benefits is certain to build on this momentum further. We’re delighted to be able to support both Mashreq and noon in providing their customers an enriching payment experience that meets their shopping and savings needs alike, while further promoting the use of digital payments.”

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