Kamel Pay, a Dubai-based fintech company, has teamed with Mastercard to develop two payment options in the UAE for businesses and underbanked individuals.
The companies will collaborate to produce two-card solutions – the PayD Card and the Centiv Card – to serve the UAE’s unbanked workforce and promote micro-businesses by digitising ordinary transactions.
“We are thrilled to work with Mastercard in launching novel financial services for businesses and individuals across the UAE via a friendly and secure digital app-based platform and Card prepaid cards,” Kamel Pay chairman Hussain Al Qemzi said.
“Through the state-of-the-art Kamel Pay digital app, which offers relevant – and inexpensive financial services for their personal and family needs, this cooperation will enable much-needed financial inclusion for the UAE’s underbanked population.”
“Having Mastercard as our strategic partner will offer Kamel Pay a strong basis to develop innovative financial solutions via a cutting-edge payment platform and outstanding service delivery,” Al Qemzi continued. In the near future, our collaboration will have a significant impact on the adoption of secure and cashless payments across the UAE and the region, particularly among the underbanked population, which has been mostly ignored.
“Through product innovation and cutting-edge digital technology, Kamel Pay aspires to remain in the forefront of solving the ever-emerging financial demands of communities in the UAE and the greater MENA region, by delivering the advantages of secure, convenient, and cashless payments.”
The payment solutions are complemented by a feature-rich digital app that uses Mastercard’s secure, contactless payment technology to satisfy the rising needs of enterprises and underbanked consumers.
“At Mastercard, we are committed to increasing financial inclusion through the power of digital payments and have set a goal of connecting 1 billion individuals and 50 million SMEs to the digital economy by 2025,” said JK Khalil, country general manager for MENA East at Mastercard.
“This alliance will benefit consumers and small companies who have hitherto been shut out of the official financial system, providing them with the tools and services they need to improve and safeguard their financial well-being.” We are committed to providing individuals in the UAE with easy access to the digital economy, working with our strategic partners to foster inclusion and generate new opportunities for all.”
