Abu Dhabi-based PayBy launches mobile payment services in UAE – The National

Abu Dhabi-based PayBy launches mobile payment services in UAE – The National

Abu Dhabi-based PayBy launches mobile payment services in UAE. Abu Dhabi-based financial technology company PayBy has joined hands with First Abu Dhabi Bank (FAB) - the UAE's biggest lender - to launch secure mobile payment services, the company said on Monday.. "The new payment solution will also enable its users to pay for deliveries on arrival, order goods and services online, transfer and receive money instantly and even share cash gifts with family and friends “¦ all via smartphone".. PayBy's initial partners include the Lulu Hypermarket and Express outlets, the local Baqala grocery and convenience store network and instant messaging platforms such as Botim and ToTok.. The company said it will announce more partners in the next few weeks.. FinTech companies, which focus on lowering transfer fees and reducing transfer times, are increasingly competing with conventional banks as they disrupt money transfer and currency exchange operations.. More than 92 per cent of people in the UAE use smartphones, presenting a substantial opportunity for FinTech companies to thrive.. The cost-effective solutions will support local businesses and help them reach a wider consumer base immediately.. All financial transactions on PayBy are protected by proven technologies, including an AI-based fraud management system to