The week in money

Read this week's roundup of banking and finance news both locally and abroad.

Contactless payment offer with Mashreq

Mashreq has teamed up with UAE merchants to secure customers discounts on contactless payments. Tap n Go can be used by all Mashreq credit card customers, reducing transaction times from 45 seconds to eight seconds. For every Tap n Go transaction made in selected supermarkets, including Geant, Al Maya and Choitrams, Mashreq customers will either get 50 per cent off or 10 per cent off their bill, capped at Dh10 per bill, or free beverages.

Japan maintains negative interest rates

The Bank of Japan announced on Wednesday that it was maintaining the 0.1 per cent negative interest rate it charges on excess reserves it holds for banks to encourage them to lend more. It said it may cut the rate further. But it abandoned its base money target, instead opting for “yield curve control” under which it will buy long-term government bonds to keep 10-year bond yields are current levels of around 0 per cent.

RAKBank announced a new 60-second remittance on amounts up to Dh200,000 to 26 major banks in India through its service RAKMoneyTransfer. The fast transfer is via a network of 26 banks including Axis Bank and ICICI Bank. If the amount is transferred to a bank outside the network, the transaction will take 60 minutes.

Low salaries causing stress

According to a survey released this week by, low salaries are the No 1 source of stress for many living in the region. Forty per cent of respondents list their financial situation as the chief stress-inducing factor in their lives, with 28 per cent admitting their low monthly wage is a worry. And more than half say their workplaces today are more stressful than they were a few years ago.

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Published: September 23, 2016 04:00 AM


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