Diners Club ties up with Mashreqbank

In line with the Diners Club ethos of continuing to offer its exclusive customers an enhanced and broader service, the deal allows Diners Club to have access to Mashreqbank's network of point of sale terminals in the UAE.

Expected to come into effect in April 2004, the agreement will permit authorisation and electronic capture of Diners Club cardholder transactions at merchants using Mashreqbank POS machines, estimated at half of the UAE acquiring market.

Louis Scotto, Chairman of Diners Club UAE said, "Our intention is to enhance the image, reputation and acceptance of the Diners Club card in the UAE and through our agreement with Mashreqbank we are able to add an extra 8000 point of sale terminals to our acceptance portfolio.

"I am sure it is of interest to every merchant to start accepting Diners Club cards, via their Mashreqbank terminals, and of new merchants to come on board. We are delighted with the agreement."

The institutions have also agreed that Mashreqbank will approach prospective merchants and actively promote acceptance of Diners Club cards in line with the selection criteria of Diners Club.

Steven Pinto, Senior Vice President & Head of Retail Banking Group, Mashreqbank said, "The Diners Club cards are one of the world's first all-purpose cards and are recognised and welcomed by millions of establishments worldwide. Diners Club cardholders tend to be high earners who dine out and travel frequently and also make high value purchases on their card. This agreement will be warmly welcomed by our POS merchants."

Diners Club UAE has been operating since 1976 as a member of The Emirates Bank Group. The Diners Club card is the world's first all-purpose charge card that is recognised and welcomed by millions of establishments worldwide. Since 2002, Diners Club added to its card offerings by launching the UAE's first Diners Club credit card, packed with a host of benefits for the discerning traveller.

Mashreqbank was the first bank to launch credit cards in the UAE in 1982 and dominates the acquiring side of the business with approximately 50 per cent of the market, the remainder being shared by four other banks.