PayBy launches QR Code-based smart payment systems for SMEs

By Edil Corneille

Abu Dhabi-based FinTech enterprise PayBy has launched a suite of smart payment solutions. These will help small and medium businesses easily collect payments, overcome digital barriers, and grow their business.

PayBy’s solutions are based on low cost, easily adopted QR Code technology. The solution can be deployed through mobile apps, websites, or brick-and-mortar stores. For merchants, it is said to translate to improved, efficient, and speedy revenue collection, with no monthly recurring fees or set up costs.

Smart Code, a payment solution from PayBy, has been especially welcomed by the UAE retail sector recovering from the effects of the COVID-19 pandemic. Businesses bear no capital expenditure or recurring costs. It is said to be as simple as printing out the Smart Code from PayBy’s system. Businesses can then run promotional campaigns, build customer loyalty programs and run sales offers to improve customer retention. Jumbo, as one of the first testers, has introduced it in its 15 Electronics stores in UAE.

Smart Box from PayBy can be integrated with existing POS terminals while allowing consumers to use QR Code-based payments. Smart POS is a POS device that enables seamless transactions for merchants and consumers. Both Smart POS and Smart Box are said to be low-cost solutions, with no recurring monthly fee and no signup fees.

The Smart Retail solution, colloquially known as baqala, is a holistic solution for small merchants that includes an inventory management system, revenue visualisation, Wi-Fi, community ATM, cloud storage, and infrastructure to support SME loans in the future.

QR Code technology used by PayBy is a cost-effective, lightweight acceptance infrastructure for digital payments, which has been market-tested across India and China. QR Codes can be easily printed and displayed, while merchants do not have to bear the cost of a device or pay a sign-up fee. Businesses of any size can adopt QR Codes, even those with existing POS machines, to grow customers and revenue.

Ancillary solutions offered by PayBy include auto billing, to help online merchants collect revenue easily and improve cash flow. PayBy also offers Invoice Pay, to streamline invoicing through a single dashboard.