PayBy, UnionPay partner to build cashless ecosystem in the UAE

PayBy, an innovative fintech company, has teamed up with UnionPay International (UPI) to conduct a wide rollout of the UnionPay virtual card in the UAE.

PayBy users can now use their UnionPay virtual cards from within the app at over 222,000 merchant terminals that accept QR Code and NFC contactless services. Residents can use UnionPay cards to complete daily transactions such as grocery shopping and taxi fare payment.

James Yang, General Manager of UnionPay International Middle East Branch, said: “UnionPay International is committed to improving customer experiences of digital payments. Our landmark partnership with PayBy will accelerate UnionPay’s acceptance and usage in the country. UAE merchants benefit from capturing sales opportunities and accept payments from an ever-expanding circle of cardholders. Together, we look forward to strengthening the UAE’s cashless ecosystem.”

Sean Wang, founder and CTO at PayBy said: “PayBy’s partnership with UnionPay, the world’s largest cardholder network, is a milestone on our growth journey, and will significantly boost consumer adoption and merchant acceptance. We look forward to adding more services in the months to come, increasing relevance to more cardholders and merchants and, in turn, accelerating our merchant sales volume.”

UnionPay International (UPI) has enabled card acceptance in 180 countries and regions, with issuance in more than 70 countries and regions, through partnerships with over 2500 institutions worldwide. UPI offers the world’s largest cardholder base high-quality, cost-effective, and secure cross-border payment services, as well as convenient local services to a growing number of global UnionPay cardholders and merchants.

PayBy and UnionPay’s collaboration is yet another innovation in card-issuing business models, leveraging digital technology platforms to bring the benefits of the cashless economy to all segments of society. Responding to increased customer demand for fintech services, this is expected to accelerate digital payments in the UAE even further.

PayBy provides UAE residents with a contactless, safe, and secure mobile payment solution. Users can use PayBy to top up their mobile balance, shop for groceries, book travel, pay taxi fares in Abu Dhabi, and make peer-to-peer (P2P) payments and transfers.