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4 top UAE FinTechs disrupting the payments industry

payments, fintech, uae, disruption, innovation, transform, Amazon Payment Services, Edil Corneille, CASHU, Trriple, Monami TechThe United Arab Emirates’ (UAE) payments space has witnessed a lot of investments within the FinTech sector. The country is amongst the fastest emerging FinTech gateway to nearby markets and the largest FinTech hub in the Middle East and North Africa (MENA) region. Dubai’s appetite for innovation in FinTech is growing at a rapid pace and payment solutions are showing robust growth. Dubai has set its eyes on disruptive FinTech start-ups. The COVID-19 pandemic has led to an increase in customers’ preference for digital payments as they fear conducting transactions by visiting bank branches and cash due to the risky nature of contraction of the coronavirus. The increasing trend of making digital payments is expected to continue even when the pandemic ends as individuals have become accustomed to FinTech solutions. Below is a list of FinTechs in the UAE that are revolutionising the way payments are being made in a faster and secure manner.

Amazon Payment Services

Recently this month, Amazon announced the launch of Amazon Payment Services in the MENA region. In 2017, Amazon acquired PAYFORT as part of the Souq Group acquisition. PAYFORT was established in 2013 in the region. Now, PAYFORT is Amazon Payment Services. Dubai-based Amazon Payment Services is a payment processing service with the objective to empower businesses with simple, affordable, and trusted online payment experiences.

With the launch of Amazon Payment Services, businesses that use the service will continue to have access to a range of payment services that enables them to accept online payments using both global and local payment methods, offer instalments to the customers to make purchases affordable for their customers, and monitor payment performance round the clock.

Amazon Payment Services also has a wide range of partners, including banks such as RAKBANK, First Abu Dhabi Bank (FAB), Mashreq, The Saudi British Bank (SABB), Al Rajhi Bank, Riyad Bank and National Commercial Bank (NCB). Partners also include local card schemes such as MADA, and Meeza, and international card schemes such as Visa, and MasterCard.

CASHU

Established in 2002 by Maktoob.com, CASHU is an online payment method. It serves the MENA region and has nearly 2.3 million consumers to whom accessible and easy solutions are provided to make online payments. CASHU is available at over 75,000 vendors spread across every country and city within the MENA region. CASHU has made it easy for consumers to fund their CASHU accounts and shop online from merchants who accept CASHU as a payment method.

CASHU is currently accepted by over 7,000 online merchants around the globe, who got the chance to grow businesses and to expand smoothly and securely in the MENA region, offering their products and services to millions of buyers residing in the rapidly growing region. The company encapsulates sophisticated and up to date fraud prevention and AML systems, thereby reducing the risks associated with online payments for both buyers and merchants, which all allow for wider, safer and faster consumer participation in e-commerce.

Trriple

Trriple is a digital payments platform in the UAE designed for both consumers and businesses. It provides a safe and convenient mobile wallet for payments – from everyday payments for consumers to faster and easier settlements for merchants. Trriple mobile wallet gives customers instant access to a host of online and in-store payment services including retail payments, salaries, remittances, airtime top-ups, m-Government payments, bill payments, and vouchers & loyalty points, among others.

The vision of the company is to build a global mobile phone payment ecosystem. Trriple wants to deliver efficient digital payments by building a trustworthy global payments ecosystem that enables financial inclusion, promotes sustenance and builds prosperity.

Trriple is powered by digital technologies for mobile phone wallets, digital KYC, NFC contactless payments and real time remittance. Integration into the financial ecosystem enables Trriple’s m-Commerce transactions in the UAE. Active in the UAE Market since 2014, Trriple has been working on developing mobile payment solutions with financial institutions to meet the requirements of corporate clients, consumers and merchants.

Monami Tech

Monami Tech works alongside financial institutions and telcos to bridge the gap between conventional and sophistication through modern digital solutions that enhance user experience. Institutions can offer their customers a simple, secure and personalised experience on any device they choose. Monami Tech makes financial services easy in the form of opening an account, sending money across the globe or even applying for a loan.

With its headquarters in Dubai, Monami Tech provides financial services companies extra leveraging capacity by maximising the benefits of digital technology and ensuring customer satisfaction. The FinTech company specialises in instant financing and its technology supports its partners’ growth while empowering end consumers through seamless access to finance. Founded in 2016, Monami Tech integrates digital technology into the operations of companies, with an emphasis on payments.

Monami Tech’s portfolio of solutions is focused on the delivery of the following pillars of value – increasing revenue, reducing risk, increasing efficiency in operations, and enhancing customer experience. Monami Tech’s solution suite extends across the entire payments value chain and assists in positioning institutions as a platform, innovating products and services and raising customers’ interest. Through simplification and digitisation, the company delivers customer onboarding automation platforms, digital wallets, loan origination systems, video conferencing, and lending applications, among others.

ALSO, READ: Payments & Cards Systems and Suppliers Report 2020

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