MoneyHash has partnered with Spare to support merchants in offering Pay by Bank solutions in the UAE to reduce costs, shorten settlement times, and offer a better experience.
The company aims to focus on its goal of expanding the range of payment technologies that make up the UAE’s digital economy as businesses explore alternatives to traditional card-based payment models that improve payment costs, customer choice, and operational efficiencies.
Supporting Open Banking in digital payments
As businesses explore alternatives, Open Banking is emerging as a modern payment strategy through the adoption of payment initiation APIs, enabling secure A2A transactions. Through its collaboration with Spare, MoneyHash is committed to supporting developments in the area and contributing to the adoption of secure and compliant payment practices.
The company’s goal is to further simplify and scale payment operations, and the alliance with an Open Banking infrastructure provider allows it to transform the evolution of digital payments in the UAE, offering new ways to optimise costs, speed, and customer choice.
Both companies share the same mission to support the industry with new payment capabilities and reveal more insights into how bank-based payments can create more value. The goal is to make Open Banking accessible and reliable for organisations of all sizes, supporting the industry’s transition toward secure A2A payment features.
MoneyHash works with partners that operate within the region’s regulatory frameworks to further expand its engagement with regulated financial infrastructure. Through these partnerships, the firm supports the adoption of Pay by Bank, a method that aligns with regional compliance requirements and reflects the potential of Open Banking across the GCC, including markets like Saudi Arabia.
By joining forces, the two companies plan to make their vision of optimising financial infrastructure by expanding access to alternative payment options a reality. They aim to support businesses in lowering costs, reducing settlement times, and having greater control over payments. The alliance reflects a shared belief that Open Banking will play a key role in shaping how payments, financial data, and ecommerce evolve.
