AstraTech’s PayBy secures UAE licenses, SVP and RPS, towards cashless ecosystem
“We’re excited to launch our secure payment solutions to customers and merchants in the UAE to enable smoother digital transactions and make everyday commerce friction-free.”
PayBy, a recently acquired fintech subsidiary of Astra Tech, has been licensed by the Central Bank of the UAE to conduct Stored Value Facility (SVF) and Retail Payment Services (RPS) operations.
Acquired in August 2022, PayBy aims to build an all-in-one mobile payment ecosystem in the UAE and GCC, offering a safe and contactless payment solution.
“Aligned with the UAE’s vision of creating a cashless ecosystem”
The firm has processed more than AED 600 million in transactions as of May 2022 and, now under the arm of AstraTech, PayBy will leverage its parent company’s technology capabilities to provide customers and merchants with ultra-fast and secure services, such as international money transfers, seamless payment solutions, and wallet top-ups, among other features in Astra Tech’s upcoming app to be launched in the coming months.
Astra Tech is one of the biggest additions to the MEA’s ever-growing tech ecosystem aiming to raise 500 million USD (AED 1.8 Billion) from various strategic investors and partners, bringing the company one step closer to its vision of launching an app. The firm has recently acquired Rizek, a platform for on-demand personal and home services, as part of its strategy of acquiring and equipping sector-leading customer-centric businesses with disruptive and progressive technologies that will enrich merchants’ and users’ lives with effortless usability and efficiency.
Founder and CEO of Astra Tech, Abdallah Abu Sheikh, commented: “We are honored to have secured the license from UAE’s Central Bank which marks a huge milestone achievement for both Astra Tech and PayBy. We’re excited to launch our secure payment solutions to customers and merchants in the UAE to enable smoother digital transactions and make everyday commerce friction-free. We have always aligned with the UAE’s vision of creating a cashless ecosystem and are thankful to the Central Bank for trusting us with our secure technology. Astra Tech will stay true to its mission of offering a more robust value proposition to customers and merchants by eliminating the burden of unfavorable & compounded commission structures that are usually passed on to suppliers, partners, and consumers by today’s super apps.”