Following this announcement, the licence will enable Pyypl to directly and securely issue prepaid Visa cards from its UAE headquarters, as well as a strategic framework agreement that aims to accelerate the company’s overall international expansion across the GCC and Africa, alongside the mission to democratise access to financial services.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries at the same time.
More information on the announcement
The partnership with Visa is expected to further accelerate Pyypl’s mission to democratise access to financial services, as well as provide its business model and large market opportunities to its customers and clients. Both financial institutions will continue to focus on accelerating the process of financial inclusion in the region as well.
The Principal licence is set to give Pyyps the possibility to issue virtual and physical prepaid Visa cards, through its accessible mobile applications, directly to its active users. This process will also prioritise elevating from cash, mobile money, and being financially underserved to the world of digital payments and transactions.
The Strategic Framework Agreement will also recognise the licence approval process in other markets that Pyypl is planning to enter. With the needed support from local regulators, Pyypl will be given the possibility to provide access to prepaid Visa cards in these industries, as well as accelerate financial inclusion across the MEA region. This initiative marks the latest development in the company’s transformational customer offering, as well as accelerating Pyypl’s international expansion by offering Visa pre-paid cards on a pan-regional basis.
In addition, Pyypl’s payments ecosystem has multiple benefits for Visa, and it is set to accelerate the provision of financial services to the vast population of underserved digital natives. The collaboration is also aligned with Visa’s growth and optimisation strategy of improving access to capabilities for several digital natives across the MEA region.
