Abu Dhabi-based financial technology company PayBy has joined hands with First Abu Dhabi Bank (FAB) – the UAE's biggest lender – to launch secure mobile payment services, the company said on Monday.
“Consumers will be able to use their smartphones to make contactless and cashless payments in physical stores,” PayBy said in a statement. “The new payment solution will also enable its users to pay for deliveries on arrival, order goods and services online, transfer and receive money instantly and even share cash gifts with family and friends … all via smartphone”.
Customers will be able to download the PayBy app and start using it as of next month. PayBy's initial partners include the Lulu Hypermarket and Express outlets, the local Baqala grocery and convenience store network and instant messaging platforms such as Botim and ToTok. The company said it will announce more partners in the next few weeks.
FinTech companies, which focus on lowering transfer fees and reducing transfer times, are increasingly competing with conventional banks as they disrupt money transfer and currency exchange operations.
More than 92 per cent of people in the UAE use smartphones, presenting a substantial opportunity for FinTech companies to thrive. This is particularly notable in the mobile payments sector, which is set to grow in the UAE at a rate of 30 per cent year-on-year, according to McKinsey.
PayBy also offers point of sale solutions for every type of business in the UAE, from small merchants to large stores that serve thousands of customers daily. The cost-effective solutions will support local businesses and help them reach a wider consumer base immediately.
All financial transactions on PayBy are protected by proven technologies, including an AI-based fraud management system to detect unauthorised activities, the company said.
The FinTech sector in the Middle East and Africa is forecast to make up 8 per cent of the total revenue from financial services by 2022, driven by customer demand and increased investment, according to Accenture and Dubai accelerator FinTech Hive.
Regional interest and investment in FinTech has soared in recent years as more entities enter the market with technologies to cut costs and better serve customers.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Killing of Qassem Suleimani
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
UAE currency: the story behind the money in your pockets
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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UAE currency: the story behind the money in your pockets