Sharaf Exchange and Paykii agree cross-border payment deal for more than 30 countries

It covers payments for utilities such as electricity and water in nations including India, Egypt and Indonesia

Sharaf Exchange and global bill payments provider Paykii have signed an agreement to provide cross-border transactions to more than 30 countries.

It will allow residents in the UAE to pay bills on behalf of their families in their home countries.

The deal struck by Sharaf Exchange, part of Dubai's Sharaf Group, covers payments for utilities such as electricity and water in countries including India, Pakistan, the Philippines, Nepal, Jordan, Egypt and Indonesia, along with a number of African nations.

"We believe in collaborations and partnerships which bring [a] real value proposition to us as a company and for our valued customers," Yasser Sharaf, board director of Sharaf Exchange, said in a statement on Tuesday.

"Paykii complements the core services by bringing those value-added services as a strategic partner."

Remittance centres are increasingly forming partnerships with FinTech companies to provide more convenient ways to conduct transactions.

Dubai’s Al Fardan Exchange and start-up Jingle Pay recently joined forces to combine their expertise in global processing and clearing. On Tuesday, Mastercard and the UAE’s Lulu Exchange announced a tie-up for securing remittances. Both companies aim to use digital payment solutions to enable sustainable economic growth through the digital economy.

In its latest quarterly review for September, the Central Bank of the UAE said that India, Pakistan, the Philippines and Egypt were among the top five countries for outward personal remittances. Overall, they increased by 8.7 per cent to Dh3.6 billion on an annual basis, over the second quarter of last year.

Sharaf Exchange's agreement aims to enhance its services in these countries as it combines its network in the UAE with Paykii's business-to-business expertise.

Paykii, which has offices in Dubai, the US and Mexico, said the collaboration with Sharaf Exchange "will extend the reach, ability and visibility for residents and expats living in the UAE to easily and quickly pay bills, ensuring peace of mind for their families here and back home".

Updated: September 28th 2021, 3:54 PM
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