PayBy and UnionPay to roll out UnionPay virtual card in the UAE

Wednesday 8 June 2022 14:59 CET | News

UAE-based PayBy has partnered with UnionPay to build a cashless ecosystem and promote financial inclusion in the UAE.

PayBy users can now use their UnionPay virtual cards located within the app at over 222,000 merchant terminals that accept QR Code and NFC contactless services in the UAE. Local residents can use UnionPay cards to complete daily transactions, such as shopping in supermarkets and paying taxi fares.

UnionPay’s officials stated that their partnership with PayBy will accelerate UnionPay’s acceptance and usage in the country. UAE merchants benefit from capturing sales opportunities and accept payments from an increasing circle of cardholders. Together, they look forward to strengthening the UAE’s cashless ecosystem.

In partnership with more than 2,500 institutions worldwide, UnionPay International (UPI) has enabled card acceptance in 180 countries and regions with issuance in more than 70 countries and regions. UPI provides cross-border payment services to one of the world's largest cardholder base and ensures local services to cardholders and merchants.

The partnership between PayBy and UnionPay is another development in card-issuing business models, leveraging digital technology platforms to bring the benefits of the cashless economy to all sections of society. Responding to growing customer demand for fintech services, this is expected to further accelerate digital payments in the UAE, as per the press release.

PayBy offers UAE consumers an all-in-one mobile payment solution that is contactless and secure. Using PayBy, users can top up their mobile balance, shop for groceries, make travel bookings, pay fares in Abu Dhabi taxis, and make peer-to-peer (P2P) payments and transfers.

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Keywords: virtual card, digital wallet, mobile payments, UnionPay, partnership, cashless, financial inclusion
Categories: Payments & Commerce
Companies: PayBy, UnionPay
Countries: United Arab Emirates
This article is part of category

Payments & Commerce




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