du, from Emirates Integrated Telecommunications Company (EITC), today announced the launch of du Pay, marking a significant milestone in the UAE's transition toward a cashless economy and aligning seamlessly with the national agenda for digitalisation.
The innovative digital financial solution is poised to play a pivotal role in enhancing financial inclusion, accessibility and security.
Licensed by the Central Bank of the UAE, du Pay is on a mission to simplify digital financial services for everyone, everywhere in the UAE. du Pay offers a diverse suite of digital financial services and payment services, from international money transfers and peer-to-peer (P2P) Transfers to mobile top-ups and bill payments. Additionally, it supports salary deposits through an IBAN, serving as a versatile account for users. With features available in six languages – Arabic, English, Hindi, Bangla, Malayalam, and Tamil, du Pay ensures inclusion for its varied user base.
Fahad Al Hassawi, CEO at du, said,
"du Pay underlines the company's commitment to leveraging technology for financial empowerment, contributing to the directives of the UAE's leadership towards a fully digitalised and inclusive financial ecosystem. Our vision with du Pay is to challenge the status quo and redefine the future of digital financial services. This is an essential step forward in realising the vision of a digital UAE, enabled by seamless transactions for all residents in a truly inclusive, secure, and convenient financial ecosystem. By drawing on the strengths of our partnerships and our innovative approach, we aim to make significant contributions to the UAE's journey towards becoming a global leader in the digital economy."
du Pay unveils an array of service offerings
With an impressive US$39.7 billion in outward international money transfer volumes from the UAE, du Pay is positioned to tap into this extensive market by providing services that prioritise simplicity and a customer-centric experience. Capitalising on du's robust infrastructure and market reputation, du Pay leverages du’s assets and expertise to deliver a superior platform that is not only convenient and cost-effective but also tailored to meet the evolving needs of customers. This move is aligned with market projections, which anticipate substantive growth in the digital payment sector, expecting it to reach $3.3 trillion in payment services by 2031.
Nicolas Levi, CEO of du Pay, said,
“In the UAE, we believe there's a big opportunity for digital money services to grow. This pushes companies like ours to focus on new ideas and better ways to help the diverse population of the UAE with their digital financial services needs including international money transfers. We're leading the way in making payments simpler, faster and more secure than ever before. Our app is designed to include everyone, supporting multiple languages. What sets us apart is we are leveraging on du’s strong customer-centric focus, infrastructure and telco benefits that we can offer to customers to make our value proposition even stronger. Thanks also to our strategic alliances, we are set to take a significant role in the financial landscape of the UAE.”
News Source: Emirates News Agency
