ABU DHABI, UAE: Abu Dhabi-based innovative fintech enterprise PayBy hasunveiled a major milestone in its strategic partnership with First Abu Dhabi Bank (FAB). PayBy is now integrated with more than 40,000 point of sale (PoS) machines at more than 30,000 FAB merchant partners in the UAE. This integration is expected to have a significant impact on driving digital payments in the UAE – for both merchants and consumers.
Ramana Kumar, EVP and Head of Payments and Digital Banking, PBG, FAB, said: “With the integration of PayBywith our Payment as a Platform, we are leveraging our strength as the UAE’s fastest growing payment service provider to offer more convenience and boost revenue growth for our merchant customers. FAB has always been committed to driving digital payments in the UAE, and our partnership with Payby to enable acceptance of their digital wallet across our POS merchant network will support this goal.”
Merchants signing up for PayBy’s mobile payment option benefit from growing their customer base and capturing lost sales opportunities. PayBy can be used by consumers without credit cards or bank accounts to make digital payments.
The integration will substantially increase the number of merchants that accept payments through PayByfrom customers. Over the last few months, PayBy has bagged partnerships with many of the UAE’s top retailers, such as the Lulu Group, Al Ain Coop and Jumbo Electronics. PayBy customers in the UAE will have more places to use PayBy, and avail discounts, loyalty schemes and cashless payments.
Consumers will also be able to use PayBy vouchers and its loyalty programat FAB merchants. Schemes for vouchers and discounts are announced through PayBy’ssocial media and app. Users who have completed the profile with ID verificationare credited with AED 10voucher in their PayBy wallets.