Following this announcement, the new FRiENDi Pay digital mobile wallet will be available to use in order for customers to simplify remittances, reduce costs, as well as to increase the efficiency and the experience of users FRiENDi mobile subscribers in the region of Saudi Arabia.
According to Zawya, the remittances field represents a significant element of banking in Saudi Arabia, with 40% (approximately 13.4 million) of the expatriate population. Included in this number are many individuals who are sending money back to their home houses, to families, friends, loved ones, and acquaintances, every month. FRiENDi Pay was developed in order to improve the manner in which these payments take place, as well as make them more convenient, transparent, and secure for Beyond One’s clients.
The new FRiENDi Pay is expected to enable access to banking solutions and foster financial inclusion for a demographic that was not always accommodated. The product will include instant international money transfers to countries around the world, such as Bangladesh, India, Pakistan, and the Philippines, among others. In addition, FRiENDi Pay will also provide users with cash-to-account (CTA), account-to-account (A2A), and wallet transfer tools.
The introduction of fintech solutions to Beyond ONE’s digital platform for FRiENDi Mobile represents a part of the company’s strategy to improve, simplify, and overall widen the payment experience of its clients and users, no matter where they are based or when they need to make a transaction. At the same time, additional digital products and services are set to be developed for all its brands, all with a focus on bridging gaps and building communities, in ways that are already challenging the overall current industry status quo. The suite of new products will incorporate both the FRiENDi Mobile and the Virgin Mobile brands, in multiple regions, such as the Middle East, Latin America, and more.
FRiENDi Pay is expected to be regulated by Saudi Central Bank and to operate under an authorised agent banking licence, with close coordination and association with the Saudi Investment Bank. In addition, FRiENDi Pay can be downloaded by customers through the use of the Apple App Store, or the Google Play Store.
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