Simplifying payments for F&B and hospitality industries

Mashreq has announced an investment in FinTech Touché, which is revolutionising the F&B and hospitality industries with its simplified payment method.

The partnership reaffirms Mashreq’s commitment to supporting the UAE’s expanding FinTech sector, partnering with innovators and entrepreneurs to improve the entire customer experience at every touchpoint.

Fernando Morillo, Global Head of Retail Banking, Mashreq Bank, said: “We are constantly looking to collaborate with innovative FinTech operators who offer solutions to help transform life for customers, citizens and the private sector. Touché is doing just that, providing a more streamlined approach to payments for the F&B and hospitality industries. We are delighted to partner with Touché. The F&B and hospitality industries have arguably been two of the hardest hit sectors by the global COVID-19 pandemic and any solution that helps them on their road to recovery must be warmly welcomed.”

Sahba Saint-Claire, CEO and Founder of Touché, further commented: “We’re really excited to partner with Mashreq Bank, a leader in the payments industry. For too long the credit card world has been biased towards the cardholder, Touché brings the value-added services to the physical merchants for them to have tangible benefits.”

Touché enables the F&B and hospitality world to service clients through a single certified device, which links to their infrastructure and acquirer.

Touché, a certified Oracle solution headquartered in Singapore with offices in Barcelona, Tokyo, and Dubai, offers four modules for full-service and quick-service businesses: Order@Table, Pay@Table, Benefit@Table, RoomChange@Table and Order&Pay.

The Middle East has witnessed significant growth as a FinTech hub both for investors and innovators. According to Finextra, by 2022, 465 FinTech firms in the UAE will generate around $2 billion in investment capital funding, compared to $80 million in 2017.