By Ranju Warrier
Users can benefit from PayB's AI-powered verification process, which enables prompt authorisation procedures
Fintech company PayBy has joined hands with uPay, expanding its reach to more than 850 self-serve kiosks across the UAE.
The integration with uPay systems will let PayBy users top-up their digital wallets on the kiosk machines and use it for e-commerce transactions, cashless payments, and peer-to-peer transfers.
According to a survey by the Central Bank of the UAE, 39% of UAE adults do not have a bank account, but do have limited access to financial services such as remittances.
Referred to as the 'underbanked', such users lack access to credit cards, bank accounts and financial services including low-interest loans and lines of credit, in addition to facing issues with conventional Know Your Customer (KYC) procedures.
With the collaboration users can benefit from PayBy’s AI-powered verification process, which enables prompt authorisation procedures.
Meanwhile, uPay’s multilingual self-serve kiosks in the UAE, can be used to pay utility bills, top-up mobile cards, purchase transport cards, make money transfers as well as 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,” a PayBy spokesperson said.
The company said the collaboration supports the UAE government’s transition to cashless payments, in line with the UAE’s Vision 2021.
Currently, the companies are looking at ways to let customers avail of services such as recharging Salik, payments on the App Store, and topping up mobile cards, with PayBy also exploring options to expand its offerings to include government smart services.
According to PayBy the current situation with Covid-19 was the “right time” to announce the collaboration, as business continue to play their part in strengthening the economy.