Reposted from Khaleej Times
PayBy is accelerating digital transformation of the retail sector with its suite of point-of-sale solutions that uses QR code payment.
In the wake of Covid-19, the UAE's retail and services sector has had to rapidly embrace digitalisation. Fintech start-up PayBy offers the most innovative payment solutions for merchants: a suite of contactless point of sale (POS) payment solutions that can be implemented by any scale of business - be it hypermarkets, taxis, baqala stores, restaurants, beauty salons or malls. The PayBy POS management system is quick to install on its own, or its technology can be easily integrated into existing payment infrastructure with minimal downtime. There are no monthly fees or set up charges, making PayBy a cost-effective option.
Over fears of coronavirus spreading through currency or cards, the UAE Central Bank in March encouraged contactless payment to protect public health. PayBy is safer, easier and ensures no contact between customers and cashiers or delivery drivers - the QR code can also be used to accept payments in advance and payment on delivery, thus helping the UAE's retail sector capture lost business opportunities and expand their customer base. This revolutionary payment system will soon also be rolled out across all the LuLu stores in the UAE, a leading retail conglomerate in the Middle East. Shoppers present the QR code in PayBy, let the cashier scan the code, and confirm payment on their mobile phones. They can also select PayBy for online purchases on their website or mobile app. Financial transactions on PayBy are well-protected by leading and proven technologies, including an AI-based fraud management system to detect unauthorised activities, compliant with PCI-DSS standards, the international gold standard for security. The QR code generated by PayBy is based on tokenisation - widely acknowledged as a more secure payment method as it allows the payment to be processed without exposing sensitive information. PayBy is committed to offering unified and inclusive financial services for everyday work and life of consumers, too. Integrated in popular instant messaging platforms, PayBy is already ubiquitous and accessible to their large subscriber base. The PayBy native app is currently available in Google Play and Huawei Store, and soon will be made available in other app stores. It can be used for payments in stores, 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.