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PayBy and UnionPay partner to build cashless ecosystem, promote financial inclusion in UAE

Users can activate UnionPay virtual cards on PayBy app and pay at over 222,000 merchant terminals in the UAE

Innovative fintech enterprise PayBy has partnered with UnionPay International (UPI) – the card scheme with the world’s largest cardholder base, to launch a mass roll out of the UnionPay virtual card 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. Local residents can use UnionPay cards to complete daily transactions, such as shopping in supermarkets and paying taxi fares.

James Yang, general manager of UnionPay International Middle East Branch, said: “UnionPay International is committed to improving customer experiences of digital payments. Our landmark 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 ever-expanding circle of cardholders. Together, we look forward to strengthening the UAE’s cashless ecosystem.”

In partnership with more than 2500 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 high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

The partnership between PayBy and UnionPay is another innovation 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.

PayBy offers UAE consumers an all-in-one mobile payment solution that is contactless, safe 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.

Sean Wang, founder and CTO at PayBy said: “PayBy’s partnership with UnionPay, the world’s largest cardholder network, is a milestone on our growth journey, and will significantly boost consumer adoption and merchant acceptance. We look forward to adding more services in the months to come, increasing relevance to more cardholders and merchants and, in turn, accelerating our merchant sales volume.”

— business@khaleejtimes.com