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PayBy serves underbanked with uPay partnership

According to a Central Bank of the UAE survey, 39% of UAE adults do not have bank accounts – they can now use PayBy for payments and peer-to-peer transfers

Innovative fintech company PayBy has now partnered with uPay, extending its reach to more than 850 uPay self-serve kiosks across the UAE. This is a key development for the UAE’s underbanked – 39% of UAE adults do not have a bank account, but do have limited access to financial services such as remittances, while 15% of these lack access to any formal financial services, according to a survey by the Central Bank of the UAE[1]. With PayBy now integrated with uPay systems, users have the option to top up their digital wallets on the kiosk machines and use PayBy for e-commerce transactions, cashless payments and peer-to-peer transfers.

The underbanked typically lack access to credit cards, bank accounts and financial services such as low-interest loans and lines of credit. They also struggle with conventional KYC (Know Your Customer) procedures. However, as smartphone penetration in the UAE is one of the highest in the world at 91%, PayBy leverages this to support the transition to a cashless society, in line with the UAE’s Vision 2021.

PayBy’s AI-powered verification process enables quick and easy authorization and further removes barriers to entry for the underbanked. And uPay’s user-friendly, multilingual self-serve kiosks are widely accessed in the UAE to pay utilities bills, top up mobile cards, purchase transport cards, make money transfers, e-commerce purchases and more.

As uPay extends retail access and ease of payment to locations around the UAE, PayBy’s innovative technology will provide an easy and secure mobile payment method to its customers. The two companies are currently finalizing ways for customers to use their PayBy wallets for services such as recharging Salik, payments on the App Store, and topping up mobile cards.­­ PayBy is also currently in talks to expand its offerings to include government smart services.

Convenient, safe and secure, PayBy is committed to offering unified and inclusive financial services for everyday work and life. Businesses in turn benefit from PayBy’s easily adapted and scalable solutions for every size of business. Integrated in popular instant messaging platforms such as BOTIM and ToTok, PayBy is already ubiquitous and accessible to their large subscriber base. The PayBy native app is currently available in Google Play, Apple App Store and Huawei AppGallery. It can be used for payments at different merchants, 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.


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