PaySky, a leading Egypt digital payment solutions provider, to launch services in the UAE.
PaySky, a digital payment solutions provider based in Egypt, will launch a series of services in the UAE. Supported by Visa, the fintech firm will offer its Yalla Card and Super App in the UAE. The solutions will offer a series of digital payment tools for financial and other services by the third quarter of 2022.
Digital payment solutions
PaySky has seen success in the Egyptian market and will launch a number of payment solutions. Yalla Money enables customers to send and receive money and make payments online and in-store, Yalla Bills allows users to pay for utilities, bills and various top-ups, Yalla Mall is an e-commerce solution that allows users to buy and order products online. Yalla Gift Vouchers allow for the purchasing of electronic gift vouchers, Yalla Investment offers stock and trading options and Yalla Offers providers users with discounts through a range of merchants, restaurants and brands. The platforms will be offered through the Yalla Super App. In addition, in Egypt, the app also enables users to undertake a range of actions such as making insurance payments and partaking in loyalty programs.
Demand for digital banking
IDnow Middle East’s and YouGov’s recent digital identity proofing and verification report indicated that 82% of bank customers preferred to bank and make transactions online, while 76% of UAE residents sought an online banking account opening process. 86% of those without a bank account indicated that complex procedures had stopped them from opening an account.
Dr. Waleed Sadek, Founder and CEO of PaySky said of the UAE expansion, “This expansion is based on extensive research done by the company to explore and satisfy the unmet needs of the UAE residents and corporates by providing them with different financial and non-financial services. This step came after the remarkable achievements of Yalla Super App and Yalla Card in Egypt, where the number of downloads exceeded 800,000 downloads in the first 100 days after its launch, with a total number of transactions exceeding 500,000 and a transaction volume exceeding half a billion EGP.”
The UAE’s support for PaySky
PaySky has won a series of awards and is a leading digital payment provider in Egypt. The company was named the “Fastest Growing Omni-Channel Payment Solutions Provider in Egypt” by Global Economics in 2021. In 2018, the company was selected to join Hub71’s accelerator program at Abu Dhabi Global Markets (ADGM).
Fintech firms continue to dominate the startup ecosystem across the MENA region and Egyptian startups are proving successful in capturing significant levels of investment.