If PayBy can build a local living merchant network and develop online merchants, it has a good chance.
Editor’s note: This article is from the micro-channel public number “ePanda sea in the Middle East” (ID: ePandaMENA) , Author: calm.
Recently, several UAE media have reported on the upcoming mobile payment application of Abu Dhabi fintech company PayBy, which has attracted the attention of Middle East payment practitioners.
According to The National on March 30, PayBy announced on Monday that it will cooperate with Abu Dhabi’s First Abu Dhabi Bank (FAB) to jointly launch a local mobile payment service in early April. The first batch of merchants including Lulu Supermarket , Abu Dhabi convenience stores, and instant messaging platforms Botim and ToTok.
Users can use PayBy to realize cashless payment in offline stores, complete cash on delivery, purchase products online, transfer funds instantly, and share cash gifts with family and friends. The launch of PayBy will greatly reduce past interbank transfer fees and increase efficiency.
In addition, PayBy will also provide different merchants with targeted solutions, including POS machines, to help them maximize their target customers. In terms of securing funds, PayBy also said that all of its financial transactions are protected by the world’s most advanced technology, including an artificial intelligence-based fraud prevention system that detects unauthorized transaction activity.
Because PayBy has not been officially launched, and we have not been able to find any more news. According to the above report, we know that PayBy is a QR code wallet for online and offline transactions. The “PayBy launch mentioned in the report will greatly reduce the previous inter-bank transfer fees and improve efficiency and help merchants get the most “Target customers” is something to watch.
In addition, we can see from its official video that, compared to other local QR code wallets, such as Ewallet and Payit, this product of BayBy has core functions such as payment collection, transfer, and enjoyment of benefits. It is the “cashnow” and “E-ATM” tags on the page. I do n’t know if it is a withdrawal function that cannot be achieved by local wallets at present.It still supports binding bank cards without card withdrawals.
The “cash delivery” option is supposed to be a traffic portal for third-party platforms such as third-party takeaway delivery. Maybe this is one of the previously mentioned ways to “help merchants maximize their target customers”?
The function of discovering golden gifts for individuals or groups also shows its social attributes, which is also new compared to other competing products. However, whether it is a product design that provides entrances or cash gifts for third-party partners, it is reminiscent of WeChat payment. Payby’s goal may be “Middle East version of WeChat payment”.
FAB, as a cooperative bank, should undertake the KYC review and settlement tasks. However, as one of the major local acquirers in the UAE, FAB also has its own mobile payment application, Payit. Whether it will open its own merchant network to Payby, and the recruitment of PayBy merchants can only depend on subsequent development.
Under the epidemic, local consumers are gradually relying on online, and consumer demand has also changed. If PayBy can build a local living merchant network and develop online merchants, it has a good chance.
Edit | Zehui @ 出海
Picture | Original picture
