UAE active site for innovation in digital payments: PayBy CEO

UAE active site for innovation in digital payments: PayBy CEO

The global payments landscape is shifting from a cash-led economy to a digitally-driven ecosystem, accelerated by the Covid-19 pandemic, and e-payments services are seeing a surge in demand

The QR code generated by PayBy is based on tokenisation – widely acknowledged as a more secure payment method as it allows the payment to be processed without exposing sensitive payment information

Published: Mon 18 Apr 2022, 3:41 PM

A comprehensive financial framework, robust digital infrastructure, and high smartphone penetration have encouraged a wider adoption of digital payments technologies across the UAE, said Sean Wang, founder and CTO of PayBy.

The UAE’s digital economy, in line with global trends, is booming as non-cash transactions via credit and debits cards and e-wallets grow, he explained. A study by Visa revealed that over 90 per cent of UAE consumers planned to use digital payments as much or more in the future.

Fintechs are playing a key role in enabling this shift with more secure, convenient, and inclusive payment solutions. As a key fintech player in the market, Wang noted that PayBy is witnessing a wider adoption of mobile wallets to carry out everyday transactions such as mobile phone top-ups, utility bill payments, taxi fare payments, grocery shopping, and peer