du Pay, the digital monetary companies arm of telecom operator du, has exceeded AED1.5bn in processed transactions in beneath two years, a milestone the corporate says displays each its personal momentum and the UAE’s broader shift in the direction of a cashless economic system.
The platform, launched to offer accessible banking-style companies to residents who could not meet conventional account necessities, has seen robust uptake among the many nation’s numerous expatriate inhabitants.
du Pay mentioned its providing helps the Dubai Division of Finance’s ambition to make 90 per cent of all transactions within the emirate cashless by 2026.
du Pay transactions
Fahad Al Hassawi, chairman of du Pay, mentioned: “Reaching AED 1.5 billion in transactions represents our dedication to monetary inclusion and digital transformation within the UAE. We goal to empower residents to take part totally within the digital economic system and providing complete digital fee options, whereas supporting the nation’s imaginative and prescient for a cashless future.”
The corporate positions du Pay as a easy, safe and inclusive software for managing cash. Customers can onboard immediately utilizing Emirates ID and facial recognition, entry the app in a number of languages and full day-to-day monetary duties with out conventional banking limitations.
The service gives clients with a free IBAN, enabling wage deposits by way of native financial institution transfers, and doesn’t require a minimal stability.
In keeping with du Pay, the app has surpassed a million downloads and has facilitated funds, cellular prime ups, invoice settlements and cardless money withdrawals. The agency mentioned clients can ship cash to greater than 200 nations at aggressive charges, reflecting its concentrate on the remittance wants of expat staff.
The corporate additionally highlights its Central Financial institution of the UAE licensing and safety infrastructure as key components in constructing belief amongst new customers. Promotional incentives, together with free cellular knowledge on recharges or worldwide transfers and gold coin giveaways, have contributed to engagement, with greater than 300 clients already receiving gold cash.
FinTech development
du Pay mentioned its development has been pushed by serving underbanked communities which have traditionally confronted restricted entry to monetary companies. The platform argues that its mannequin helps nationwide digital transformation objectives by providing another pathway into the formal monetary system.
The milestone underscores du Pay’s emergence as an lively participant within the UAE’s fast-growing fintech sector, the place digital funds adoption continues to speed up throughout each shopper and enterprise segments.
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