Fintech firm PayBy has joined hands with uPay, expanding its reach to over 850 self-serve kiosks across the UAE.
The integration using uPay systems will let PayBy users top-up their pockets on the kiosk machines and also utilize it for e-commerce trades, cashless payments, and peer reviewed transfers.
Based on a poll from the Central Bank of the UAE, 39% of UAE adults don’t have a bank accounts, but do have restricted access to financial services such as remittances.
called the ‘underbanked’, for example users lack access to credit cards, bank accounts and fiscal services such as low-interest loans and lines of credit, besides confronting issues with traditional Know Your Client (KYC) procedures.
Together with the cooperation users may gain from PayBy’s AI-powered confirmation procedure, which enables instantaneous authorisation procedures.
Meanwhile, uPay’s multilingual self-serve kiosks from the UAE, may be used to pay utility bills, top-up cellular cards, buy transportation cards, earn cash transfers in addition to online shopping.
“The partnership with uPay strengthens the PayBy ecosystem, enabling people who are used to cash transactions – usually the underbanked – to enjoy more cashless services, such as peer-to-peer money transfers, e-commerce transactions and payments at PayBy merchants,” that a PayBy spokesperson said.
The organization said the alliance affirms the UAE government’s transition into waive obligations, in accord with the UAE’s Vision 2021.
Presently, the organizations are taking a look at ways to allow clients avail of services like recharging Salik, payments on the App Store, also topping up cellular cards, together with PayBy also researching alternatives to expand its offerings to include authorities services that are smart.
Based on PayBy the present scenario with Covid-19 was that the “right time” to declare the cooperation, as company continue to perform their role in strengthening the market.