It is reported that more than 90% of UAE customers plan to use digital payments in the future. This is according to a study conducted by MasterCard Visa. The UAE’s digital economy, in line with global trends, is stepping up the pace of cashless transactions through credit, debit cards and e-wallets.
Sean Wang, Founder and CTO of PayPay, said that the comprehensive financial framework, robust digital infrastructure and high smartphone penetration have encouraged the widespread adoption of digital payment technologies across the UAE. Fintech plays a key role in enabling these with more secure and convenient payment solutions. As a leading fintech player in the market, PayBy has witnessed the widespread acceptance of mobile wallets for mobile phone top-ups, utility bill payments, taxi rate payments, grocery shopping and peer-to-peer transfers.
Covid And Digital Payments
Wang also pointed out that the Covid-19 pandemic is a great stimulus for digital payments globally and in the UAE. MasterCard reported more than one billion contactless transactions worldwide during the Pandemic period, compared to pre-epidemic times. A survey conducted by MasterCard in 2021 revealed that more than 90 per cent of UAE customers are likely to use the new payment methods.
Security Of PayBy
According to a 2021 Visa study, 19% of UAE customers have experienced credit card fraud. Merchants find it difficult to prove payments made by criminals using a stolen card. In addition, when transferring money using debit cards, users are required to provide the card details of the beneficiaries, which is difficult. But PayBy e-wallet is beneficial for all such issues. Users pay with these using a secure dynamic QR code so there is no need to worry about card information being leaked or stolen. Wang said the QR code created by PayBy is based on code tokkanisation – it is recognized as a more secure payment method as it allows payment to be processed without disclosing sensitive payment information.
PayBy can identify and evaluate the risk of a transaction using AI technology and big data, and will examine PayBy transactions in a variety of ways, including different risk levels, including fingerprint verification, face recognition and other biometric identification technologies.
Scope Of PayBy
PayBy currently covers high frequency payment situations in online services including supermarkets, pharmacies, restaurants, taxis, as well as mobile top-ups, utilities and peer-to-peer transaction (peer-to-peer transaction). People who do not have an Android internet connection can purchase items in the store via the PayBy Dynamic Payment QR code on their phones. E-wallet also allows users to get daily cash back based on their PayBy balance, which they can use to make payments.
For business owners and enterprises, PayBy provides a suite of payment solutions, including software and hardware tools such as the PoS machine, payment gateway, and e-commerce plug-ins. It is compatible with all types of businesses – from salons to taxis, grocery stores, pharmacies and hypermarket chains – enabling them to make efficient and secure cashless transactions. Wang added that he plans to launch remittance services in the near future.