Dubai-based telecom giant du pay is making significant strides in the fintech arena with the launch of its new money transfer services, accessible to both subscribers and non-subscribers across more than 200 countries. This move marks du’s entry into the rapidly growing digital payments sector in the UAE.
Under the brand ‘du pay’, the services include international money transfers and peer-to-peer payments, aimed at catering to the evolving preferences of UAE consumers, particularly the tech-savvy younger demographic. CEO Fahad Al Hassawi highlighted the convenience and cost-effectiveness of these services, emphasizing that users can manage their finances seamlessly through digital wallets and soon-to-be-released physical cards.
One of the standout features of du’s offering is the “zero fee structure for money transfers” and incentives such as a Dh5 opening balance and 10GB of data for du mobile subscribers. This aggressive pricing strategy positions du to attract early adopters in a market where outbound international money transfers total an estimated ” $39.7 billion annually.”
Nicolas Levi, CEO of du Pay, underscored the inclusive nature of their platform, designed to support multiple languages and leverage du’s robust infrastructure. The company aims to capitalize on its established market reputation and extensive customer base to drive adoption of its fintech services.
Reflecting broader market trends, du expects its expansion into fintech to tap into a projected ” $3.3 trillion digital payment services sector by 2031.” With these initiatives, du aims not only to enhance customer satisfaction but also to diversify its revenue streams beyond traditional telecom services.
As du continues to integrate fintech capabilities into its portfolio, industry observers anticipate a positive impact on the company’s financial performance, building on its strong operational gains recorded in recent years.
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