Through this initiative, Ternoa is set to launch Athar, a decentralised consumer finance protocol that simplifies crypto payments and makes them more accessible for daily transactions. Additionally, AFS, a digital payment solutions provider and fintech enabler in the Middle East and Africa region, aims to deploy Athar-enabled crypto payment solutions for merchants operating in the UAE.
The partnership with Ternoa comes just a few days after AFS expanded its long-standing collaboration with Mawarid Finance to introduce new digital capabilities in financial services. The alliance was set to centre on modernising Mawarid Finance’s credit offerings through the development of a mobile application and a digital onboarding process for cardholders. Also, the agreement saw Mawarid Finance utilising its membership with Mastercard and AFS’s processing capabilities to offer BIN sponsorship services. The move sought to assist fintech companies by providing them with access to essential sponsorship and processing solutions, in turn facilitating their entry into the financial sector.
Through Athar, AFS and Ternoa intend to support stablecoin payments at point-of-sale (PoS) terminals, improving transaction efficiency and security for businesses and consumers. Compared to traditional cryptocurrencies, stablecoins are developed to maintain a stable value, usually secured to fiat currencies such as USD or UAE dirham.
Furthermore, commenting on the news, representatives from AFS mentioned their company’s commitment to scaling innovation in the payments industry and increasing access to secure and optimised solutions. Integrating stablecoins and decentralised finance is set to enable the company to deliver additional capabilities for merchants and consumers across the UAE, in turn assisting the wider adoption of digital payments in the region. At the same time, Ternoa underlined that bringing the payments and financial services industries onto Ethereum can deliver new possibilities for the sector and, by partnering with AFS leveraging Athar can further facilitate this by making digital payments more efficient and safe for users.
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