Abu Dhabi-based PayBy launches mobile payment services in UAE
The platform’s initial partners include Lulu, Baqalas, Botim and ToTok
Abu Dhabi-based financial technology company PayBy has joined hands with First Abu Dhabi Bank (FAB) – the UAE's biggest lender – to launch secure mobile payment services, the company said on Monday.
“Consumers will be able to use their smartphones to make contactless and cashless payments in physical stores,” PayBy said in a statement. “The new payment solution will also enable its users to pay for deliveries on arrival, order goods and services online, transfer and receive money instantly and even share cash gifts with family and friends … all via smartphone”.
Customers will be able to download the PayBy app and start using it as of next month. PayBy's initial partners include the Lulu Hypermarket and Express outlets, the local Baqala grocery and convenience store network and instant messaging platforms such as Botim and ToTok. The company said it will announce more partners in the next few weeks.
FinTech companies, which focus on lowering transfer fees and reducing transfer times, are increasingly competing with conventional banks as they disrupt money transfer and currency exchange operations.
More than 92 per cent of people in the UAE use smartphones, presenting a substantial opportunity for FinTech companies to thrive. This is particularly notable in the mobile payments sector, which is set to grow in the UAE at a rate of 30 per cent year-on-year, according to McKinsey.
PayBy also offers point of sale solutions for every type of business in the UAE, from small merchants to large stores that serve thousands of customers daily. The cost-effective solutions will support local businesses and help them reach a wider consumer base immediately.
All financial transactions on PayBy are protected by proven technologies, including an AI-based fraud management system to detect unauthorised activities, the company said.
The FinTech sector in the Middle East and Africa is forecast to make up 8 per cent of the total revenue from financial services by 2022, driven by customer demand and increased investment, according to Accenture and Dubai accelerator FinTech Hive.
Regional interest and investment in FinTech has soared in recent years as more entities enter the market with technologies to cut costs and better serve customers.
Updated: March 30, 2020 08:53 PM