Tamm, the Abu Dhabi government ecosystem, is adding financial technology company PayBy to its Abu Dhabi Pay network, allowing customers to use contactless technology to pay for services.
Through a partnership with First Abu Dhabi Bank, PayBy will facilitate contactless payments without the need for a credit or debit card, the pair said in a statement.
This will ensure that all government services and transactions are available to all residents and citizens, “digitally, easily and conveniently”, Dr Ahmed Khaled Al Hashimi, director of digital literacy department, Abu Dhabi Digital Authority, said.
“Digital transformation in Abu Dhabi is accelerating on a daily basis, and cashless payments are an integral part of our strategy … having PayBy on board adds another level of accessibility and comfort for users,” added Mr Al Hashimi.
Abu Dhabi Pay is a service that was launched by Tamm in May last year to offer secure, standardised payment methods for services.
PayBy, also based in the emirate, was set up in March last year to offer secure mobile payment services to businesses of all sizes.
“The FAB-facilitated partnership between Adda and PayBy is another step that offers additional value to our customers, while advancing national goals of public health and financial inclusion,” Ramana Kumar, executive vice president and head of payments and digital banking at FAB's personal banking group, said.
FinTech companies, which focus on offering quicker and cheaper methods of moving money, are a significant part of the region's technology landscape. Of the $1.03 billion in venture funding raised in the Middle East and North Africa last year, 14 per cent went to FinTechs, according to Magnitt.
More than 92 per cent of people in the UAE use smartphones, presenting a substantial opportunity for FinTech companies to thrive.
