Lebanon has long been dependent on remittances, mostly due to its significant global diaspora. With over $6.5 billion received in 2023 alone, there exists a critical need for effective financial services that can accommodate both banked and unbanked individuals. Suyool is already partly addressing these needs, offering an advanced digital wallet designed to facilitate both local and international payments, while also promoting financial inclusion for unbanked Lebanese residents.

Through the new partnership, Suyool will now gain access to TerraPay’s expansive network, which spans over 144 receiving countries and 210 sending countries. In total, the platform supports 3.7 billion mobile wallets, 7.5 billion bank accounts, and a staggering 12 billion cards. The integration will enable Suyool to expand its remittance capabilities, ensuring reliable and accessible financial services.

Mr. Arz El Murr, Founder & CEO of Suyool, highlighted the value of the partnership: “By collaborating with TerraPay, we can enhance our services to meet the evolving needs of our customers. This partnership will enable us to offer faster, more secure transactions, helping to close the financial gap for many in Lebanon”.

Remittance pathways into Lebanon remain strong, particularly from the USA, Europe, and Gulf Coast Countries, playing a vital role in supporting Lebanese families who rely on funds from abroad. With around 20% of Lebanon’s population currently unbanked, Suyool is well-positioned to step in with its easy-to-use mobile finance app.

Also Read: A Guide To Digital Payment Methods In The Middle East

Ambar Sur, Founder & CEO of TerraPay, expressed excitement about the alliance, noting: “This partnership extends TerraPay’s reach in Lebanon, where there is high demand for effective remittance services. Together with Suyool, we aim to drive financial inclusion and deliver trustworthy payment options for everyone. This partnership also coincides with the launch of our Wallet Interoperability Council, which aims to improve connectivity and interoperability for cross-border transactions, including remittances and merchant payments using wallets”.

The TerraPay-Suyool collaboration marks a significant turning point in the country’s development of a more robust financial ecosystem by offering seamless, reliable, and secure global money transfers to Lebanon.

The post TerraPay & Suyool Offer Fast, Secure Money Transfers To Lebanon appeared first on Tech Magazine.

Astra Tech’s fintech ecosystem has seen a huge increase in transaction volumes quarter-on-quarter, and the new SNPL feature follows the success of the company’s expanded remittance services in 2023.

Expatriates form a significant portion of the UAE’s workforce. SNPL offers these residents, in particular, enhanced financial flexibility to send money overseas and pay later in manageable installments. In the first five months of 2023 alone, Dh6.74 trillion was processed by Botim in remittances from the UAE, highlighting the importance of the service.

Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, commented: “The launch of ‘Send Now, Pay Later’ marks a pivotal moment for Botim and Astra Tech. By leveraging advanced credit infrastructure, we’re offering users a faster, more accessible way to send remittances. This service gives millions of users the flexibility to manage their financial obligations more effectively while continuing to support their families abroad.”

Also Read: A Guide To Digital Payment Methods In The Middle East

The launch of Botim Ultra’s SNPL service aligns with Astra Tech’s mission to expand financial inclusion across the MENA region. The fintech startup has already acquired a Finance Company License through Quantix, a financial service provider licensed by the Central Bank of the UAE. Quantix provides various credit solutions, including SNPL and Buy Now, Pay Later (BNPL).

Ahead of the official rollout of SNPL services, Botim will open pre-registration to its more than 9 million users, allowing early adopters to benefit from instant remittance transfers with flexible payment terms.

The post Botim Launches MENA’s First-Ever “Send Now, Pay Later” Service appeared first on Tech Magazine.

Club L London, which operates through six dedicated international websites, has recently launched a new platform for the Middle East, and is relying on Checkout.com’s expertise to support its global growth. The partnership is particularly focused on the MENA region, where Checkout.com has offices in both Dubai and Riyadh, plus key licenses in the United Arab Emirates.

By choosing Checkout.com as its primary payment provider, Club L London benefits from a pre-built Shopify checkout solution and superior payment performance. Additionally, local acquiring services are available in the UAE, along with Shopify digital wallet integration, elevating the overall customer experience for shoppers.

Headquartered in Manchester, UK, Club L London offers affordable luxury womenswear with distinctive designs. The brand has a strong presence in the UK, US, France, Australia, and the UAE and specializes in prom dresses, maternity wear, bridal attire, and accessories. Club L has built a global community of diverse consumers, influencers, and content creators, consistently releasing new collections to meet the demands of its expanding audience.

Also Read: Top E-Commerce Websites In The Middle East In 2024

‍Remo Giovanni Abbondandolo, General Manager, MENA, Checkout.com, said: “We’re passionate about helping businesses thrive in the digital economy. Club L is a prime example of a tech-enabled brand that we can help to grow via high acceptance rates, smooth integration with its e-commerce platform, and leverage our leadership and knowledge position in the MENA region”‍.

‍Seb Green, Chief Technical Officer at Club L London, added: “We are always looking for ways to enhance the customer experience on our site by offering the best payment methods. Checkout.com’s integration is a perfect fit for us, presenting an exciting opportunity for us to expand into new markets with a leading payments provider”.

The post Club L London Teams With Checkout.com For Global Expansion appeared first on Tech Magazine.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

Also Read: Zoho Expands Qatar Operations & Releases New Survey Data

The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.

The post Paymob Extends Series B Funding To $72M Amid Continued Growth appeared first on Tech Magazine.

The strategic alliance will shake up the financial savings landscape in Saudi Arabia and address a significant gap in the market by offering Hakbah customers comprehensive life insurance during their Jameya time.

Key benefits will include:

• Extensive insurance coverage, including Death of Any Cause (DAC) to Passive War Risk (PWR).
• Enhanced financial security that lets customers focus on saving without worry.
• Alignment with Saudi Arabia’s Vision 2030 to support the government’s goal of boosting savings rates and promoting financial inclusion.

Hakbah founder Naif AbuSaida has expressed his enthusiasm for the collaboration, stating:

“We are thrilled to partner with Tawuniya to provide our customers with unparalleled financial security through life insurance coverage for all Hakbah’s members during the Jameya duration. Hakbah prides itself on its unyielding commitment to savings, driven by cutting-edge savings-engine technology. We look forward to exploring more collaboration with Tawuniya to benefit our customers and unleash the full potential of increased financial savings”.

Mohammed Bin Salma, Senior Executive Director for Life Sector of Tawuniya, added:

“The new partnership with Hakbah builds on Tawuniya’s commitment to promoting a culture of financial savings in the Kingdom, especially among the youth segment that constitutes the majority of the country’s population. Tawuniya […] will expand its reach to new horizons and cater to a broader customer base. By offering insured products, Tawuniya empowers individuals across every segment to embrace a positive savings culture”.

Also Read: Workplace Study Reveals Middle Eastern AI Use Is Skyrocketing

With around 70% of Saudi citizens requiring more emergency savings and household savings rates averaging just 1.6%, Hakbah hopes to make a lasting impact on this $20.5 billion market. The company is growing rapidly and has already exceeded its total revenue for 2023 in the first half of 2024. With a user base of 750,000+ and strategic partnerships with Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya, Hakbah is now extremely well-positioned to continue its impressive growth.

The post Saudi Arabian Fintech Hakbah Partners With Tawuniya Insurance appeared first on Tech Magazine.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.

The post Mamo Completes $3.4M Funding Round To Enhance Fintech Services appeared first on Tech Magazine.

Pyypl is already one of the fastest-growing MEA fintechs and is on a mission to become the region’s leading “one-stop fintech ecosystem”. Powered by 100% in-house-built technology, the company’s app offers banking and payment services to hundreds of thousands of financially underserved users across Africa and the Middle East.

Pyypl’s Strategic Framework Agreement with Visa is significant, as it recognizes the license approval process in other markets that the fintech company plans to enter. With support from local regulators, Pyypl can now offer internationally accepted virtual and physical prepaid cards, as well as instant user-to-user transfers and remittances to 80 countries.

Also Read: A Guide To Digital Payment Methods In The Middle East

Antti Arponen, CEO and co-founder of Pyypl commented: “We are excited to announce our partnership with Visa. Our payments ecosystem has multiple benefits for Visa and will accelerate the provision of financial services to the vast population of underserved digital natives in the region. Working closely with Visa and local regulators in new markets, we are focused on growing Pyypl’s presence and contributing to advancing financial inclusion across the region”.

“We are delighted to welcome Pyypl to our mission of advancing financial inclusion,” says Hasan Kazmi, VP, head of strategic partnerships and ventures – CEMEA, Visa. “We believe in empowering underbanked consumers by providing them with innovative, secure payment solutions. This not only gives them access to the digital economy but also helps them thrive in this increasingly digital age”.

The post Digital Banking App Pyypl Is Now A Visa Principal Member appeared first on Tech Magazine.

Payrails’ solution is provider agnostic, and features dynamic payment routing, and extended coverage of alternative (regional) payment methods. The technology is complex, but the main takeaway is that inDrive has already seen an 11% increase in card approval rates and significantly boosted conversions, enhancing profits for inDrive and improving income security for its workers.

Payrails also delivers a streamlined experience for inDrive’s developers by offering a single API (application programming interface) eliminating the need for multiple individual integrations with different regional payment providers and payment methods.

Vasiliy Everstov, Head of Fintech at inDrive, expressed enthusiasm about the results, stating: “Partnering with Payrails empowers us to activate all of our key payment objectives for the business across our top priority markets. Together, we are driving tech innovation in the mobility industry and unlocking new opportunities for drivers and consumers alike”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Orkhan Abdullayev, Co-Founder and CEO of Payrails echoed this sentiment, remarking, “Collaborating with inDrive to revolutionize global payment processing underscores our commitment to providing innovative solutions in the MENA region and beyond that address the evolving needs of large enterprises. Our aim is to set new benchmarks of excellence for payment solutions across key industries worldwide”.

Through the collaboration, inDrive can now access and automate the optimal payment routes in each market at the lowest cost, driving efficiency and profitability in a highly competitive sector.

The post Payment Experts Payrails Team With Ride Hailing App inDrive appeared first on Tech Magazine.

PalmPay, a system devised by developers Astra Tech, uses contactless biometric palm recognition technology. It allows users to hover their hand over a payment terminal to make a payment, just like in a sci-fi movie.

“The rollout of the PalmPay technology is planned to happen gradually throughout 2024,” Abdallah Abu Sheikh, founder of Astra Tech, explained. “We currently have a certain number of machines which will be used for testing purposes within the local market infrastructure [ensuring] complete readiness for scaling to over 50,000 PayBy merchants throughout the year,” Sheikh added.

PayBy is a popular UAE payment platform and fintech subsidiary of Astra Tech. The company also has plans to integrate the palm recognition technology with banks “in the future”, enabling users to link their accounts with it.

PalmPay will be free for users who will be able to register using their devices at special point-of-sale terminals. In the future, palm authentication will be integrated into apps, allowing customers to update their accounts with palm prints through an authentication feature on their phones.

Also Read: A Guide To Digital Payment Methods In The Middle East

Astra Tech says the technology is more secure than traditional card payments and is not limited to specific industries or sectors. The company believes PalmPay will work especially well in high-volume sectors such as retail stores and could significantly speed up the checkout experience during busy times.

Aside from the wow factor, PalmPay is said to be a “cost-effective solution” for merchants and could help “financial inclusion for the unbanked population”, Astra Tech explained.

The post UAE Stores May Soon Accept Payments Through Your Palm appeared first on Tech Magazine.

According to Checkout.com’s MENA General Manager Remo Giovanni Abbondandolo, one way to capitalize on e-commerce surges is by optimizing in-app payment processing. In-app payments present an untapped opportunity for revenue growth during Ramadan, offering various monetization avenues, such as subscription payments for exclusive content.

In-app payment processing enables merchants to accept payments directly within their mobile apps, streamlining the checkout process and enhancing security. However, integrating mobile payment technology via a payment service provider (PSP) requires compliance with Apple or Google’s app store guidelines.

Checkout.com’s Abbondandolo also emphasizes the significant benefits merchants in the GCC can reap from refining their in-app payments, including:

• Improved Conversions: Simplifying the checkout process within the app reduces cart abandonment rates, leading to higher conversion rates.
• Increased Revenue: Seamless in-app payments translate to enhanced conversions, resulting in higher revenue generation.
• Enhanced Customer Retention: In-app payments deliver a frictionless experience, encouraging users to spend more time within the app and boosting retention rates.
• Expedited Settlements: Direct account-to-account payment methods enable faster settlement times compared to card payments.

Also Read: Qatar Airways Unveils The World’s First AI Cabin Crew

However, merchants should consider potential drawbacks, such as high commissions and limited flexibility in payment methods beyond Apple Pay or Google Pay.

Despite these challenges, Abbondandolo suggests that the benefits of in-app payments outweigh the drawbacks, especially during busy seasons like Ramadan. The takeaway from payment processors like Checkout.com is clear: Merchants must adopt a strategic approach to optimize user experience while managing commission costs and adhering to app store regulations.

The post Improving In-App Payment Processing For Ramadan appeared first on Tech Magazine.