According to a global survey of 300 C-suite banking industry executives, 54% believe their financial institutions have faced increased competition from digital alternatives over the last three years. These executives, however, indicate that they are better positioned to compete. Notably, 84% said they have the necessary technological tools to create new digital products and services to some extent or more.

QFIL Solutions, a UAE FinTech start-up, has won the IFX EXPO International – Ultimate Fintech Awards, 2022, which was recently held in Limassol, Cyprus, and was attended by top-level international fintech executives.

Through a three-step sign up at the point of sale, the fintech startup has introduced a QR-code based experience that allows users to acquire credit approval instantly. They see codes as beneficial to both businesses and consumers; instant and contactless customer touchpoints will allow all customers to scan the code, register, and choose to split their payments on the spot.

It simplifies payments and diversifies revenue streams for all kinds of UAE businesses, including pharmacy chains with existing payment systems – any PayBy merchant can create a payment link on POS to send to their customers.

“Through Start Path, Mastercard creates a springboard for fintech companies that are driving a more inclusive digital economy and helps them accelerate the way they change the world,” said Amy Neale, senior VP, Fintech & Enablers.