Dubai’s Mashreq and noon.com launch VIP savings account

Mashreq and noon.com, have partnered to launch the Mashreq noon VIP Savings Account. The initiative follows the launch of the Mashreq noon VIP Visa Credit Card last year.

The Mashreq noon VIP Visa debit card will provide customers a competitive cashback rate of 2 per cent on all purchases made with the card on noon, noon Grocery, NowNow and SIVVI, 0.10 per cent cashback on all other retail spends, up to 0.50 per cent 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.

Account holders will also receive a free noon VIP membership, providing them discounts, priority customer service and same-day deliveries when shopping on noon.com. Account holders will have access to Mashreq’s mobile banking platform, foreign currency accounts, fixed deposits and remittance services.

Sridhar Iyer, head of Mashreq Neo at Mashreq said: “Through the account, customers that shop at noon will be able to access a range of benefits, including 2 per cent 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.”

Mosam Gadia, SVP Fintech, noon, “Our team has been working hard to provide shoppers with a bigger saving incentive through competitive interest rates on saving account balance while 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.”