As the COVID-19 pandemic strikes the world, individuals and businesses are on the constant lookout for services that require as little contact as possible. That even extends to the world of payments and money handling.
PayBy, an innovative fintech company, has officially launched its fast and secure mobile payment services in the UAE, offering users efficient and safe solutions that overshadow cash and payment cards. In this day and age, people often forget their wallets but can rarely ever move two steps without their smartphone in their hand. PayBy is taking advantage of this insight, giving consumers the chance to make payments with the presence of just their smartphone.
With PayBy, consumers can use their smartphones to make contactless and cashless payments in physical stores. But that's not even the cherry on top of the contactless cake. The payment solution also allows 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 in just a few clicks.
The fintech company also offers point of sale (POS) solutions for different types of businesses in the UAE. These include small merchants to bigger scale stores and industries.
In partnership with the world-leading financial institution FAB, PayBy's financial transactions are secure and well-protected by leading technologies. This includes an AI-based fraud management system to detect unauthorized activities.
PayBy's launch partners include the Lulu Hypermarket and Express, Baqalas (grocery stores), and popular instant messaging platforms as Botim and ToTok. PayBy services will be available via these partners; consumers will be able to download the PayBy app directly onto their smartphones starting April 2020.
UAE & FinTech
The financial services sector is an ever-transforming one, with advancements taking place nearly every second of every day. And the UAE is definitely taking note of this and of people's extensive smartphone usage.
The UAE - which is the largest fintech hub for startups in the MENA region - houses 46 percent of fintech startups in the aforementioned territory. FinTech investment in the country is growing at 64 percent, which is more than twice the global rate of 26 percent. The mobile payments sector is also expected to grow at a rate of 30 percent a year in the Gulf nation.
And the country is ready to face this growth head-on.
Through accelerator programs such as DIFC FinTech Hive and by connecting fintech startups with leading financial institutions - as is the case with PayBy - the industry's backbone seems to be the entire nation. Earlier this month, financial technology accelerator DIFC FinTech Hive expanded its business and innovation space within the center. The expansion of the space "reflects the exponential growth in financial technology and innovation start-ups and increased demand for mentorship, knowledge-sharing, funding and direct access to leading global financial institutions," DIFC FinTech Hive said in a statement at the time.
Over the last couple of years, several local venture capital firms have contributed to the success and growth of fintech firms. In March 2019, DIFC FinTech Hive announced the appointment of Middle East Venture Partners (MEVP) and Wamda Capital to manage $10 million of its dedicated $100 million FinTech Fund.