Mo­bile pay­ment ser­vice PayBy links with uPay to ex­tend mar­ket ac­cess

The National - News - - BUSINESS - THE NA­TIONAL

Fin­Tech PayBy, based in Abu Dhabi, is part­ner­ing with uPay to ex­pand its reach to more than 850 uPay self-serve kiosks across the UAE as it looks to im­prove fi­nan­cial in­clu­sion.

With PayBy in­te­grated into uPay sys­tems, users can top up their dig­i­tal wal­lets on the kiosk ma­chines and use PayBy for e-com­merce trans­ac­tions, cash­less pay­ments and peer-to-peer trans­fers, the com­pany said on Thurs­day.

The two com­pa­nies said they are fi­nal­is­ing ways for cus­tomers to use their PayBy wal­lets for ser­vices such as recharg­ing Sa­lik, pay­ments on the App Store and top­ping up mo­bile cards. PayBy is also in talks to ex­pand its of­fer­ings to in­clude govern­ment smart ser­vices.

Fin­Tech plat­forms are in­creas­ingly de­vel­op­ing so­lu­tions for those with­out bank ac­counts in the UAE – a sec­tor that has largely re­mained un­tapped among con­ven­tional lenders.

About 39 per cent of UAE adults do not have a bank ac­count, while 15 per cent of these lack ac­cess to any for­mal fi­nan­cial ser­vices, ac­cord­ing to a sur­vey by the Cen­tral Bank of the UAE re­leased in June.

How­ever, more than 92 per cent of peo­ple in the UAE use smart­phones, pre­sent­ing a sub­stan­tial op­por­tu­nity for Fin­Tech com­pa­nies fo­cus­ing on mo­bile pay­ments, ac­cord­ing to YouGov.

PayBy’s ar­ti­fi­cial in­tel­li­gence-pow­ered ver­i­fi­ca­tion process en­ables quick and easy user au­tho­ri­sa­tion. In­te­grated in in­stant mes­sag­ing plat­forms such as Bo­tim and ToTok, the ser­vice is also avail­able to a large sub­scriber base.

PayBy can cur­rently be used for pay­ments at mer­chants to pay for de­liv­er­ies on ar­rival, order goods and ser­vices on­line, trans­fer and re­ceive money in­stantly, and share cash gifts.

uPay’s kiosks, mean­while, can be used to pay util­ity bills, top up mo­bile cards, pur­chase trans­port cards, make money trans­fers, e-com­merce pur­chases and more.

The Fin­Tech in­dus­try in the Mena re­gion is set to at­tract $2.5 bil­lion (Dh9.18bn) by 2022 as the dig­i­tally savvy pop­u­la­tion drives de­mand for Fin­Tech so­lu­tions, ac­cord­ing to a study by Mena Re­search Part­ners.

An­other study by Ac­cen­ture and Dubai ac­cel­er­a­tor Fin­Tech Hive showed that the sec­tor in the Mid­dle East and Africa is ex­pected to make up 8 per cent of the to­tal rev­enue from fi­nan­cial ser­vices by 2022.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.