After its unprecedented success in Egypt
Cairo: PaySky, the leading digital payment solutions provider that disrupted the FinTech industy, launches Yalla Card and Super App in the United Arab Emirates, in partnership with its strategic partner “Visa”. The super app will offer a wide range of digital payment solutions to facilitate financial and non-financial services for the UAE residents, during the third quarter of the current year 2022.
PaySky is launching Yalla Super App and Yalla Card in the UAE in the wake of its notable success in the Egyptian market, and it will be offering distinct services, including “Yalla Money” which enables customers to send & receive money and make payments online and in-store, “Yalla Bills” which enables the users to pay for utilities, bills, and top-ups, “Yalla Mall” serves as an e-commerce platform and enables the users to buy and order different products online, “Yalla Gift Vouchers, which provides a smart gifting solution with electronic gift vouchers, “Yalla Investment”, provides the users with different investment options as purchasing gold and stock trading and “Yalla Offers,” which provides the users with discounts on an extensive list of affiliate merchants, restaurants, and brands.
The unprecedented success of Yalla Super App in the Egyptian market since its launch in the first quarter of the current year was one of the main drivers in expanding in the UAE. In addition to the behavioral change of customer as a result of the pandemic and their preference to carry out most of their daily tasks remotely through digital solutions. As well as, the tremendous efforts exerted by the UAE government to adopt, implement and promote digital solutions and support digital transformation in various domains.
The findings of the IDown Middle East’s UAE digital identity proofing and verification report, the identity verification platform, and YouGov, the international market research company, served as an eye opener for PaySky, where the company spotted a market gap and an opportunity to invest and expand into a new country to fill this gap. The report concluded that 82% of bank customers preferred not to go to branches to submit paperwork, while 76% of the UAE residents requested an entirely digital bank account opening process, while 86% of the non-bank account holders stated that the complexity of the process was the main reason not to complete it.
Dr. Waleed Sadek, Founder and CEO of PaySky, expressed his pride in the achievements made since the launch of Yalla Super App and Yalla Card in the Egyptian market, as well as his enthusiasm and aspirations at the debut of Yalla Super App expansion in the UAE, which is one of the region’s most important markets. He said: “This expansion is based on extensive research done by the company to explore and satisfy the unmet needs of the UAE residents and corporates by providing them with different financial and non-financial services. This step came after the remarkable achievements of Yalla Super App and Yalla Card in Egypt, where the number of downloads exceeded 800,000 downloads in the first 100 days after its launch, with a total number of transactions exceeding 500,000 and a transaction volume exceeding half a billion EGP.”
Sadek added: “We believe in the importance of strategic partnerships between the service providers to develop the market and facilitate transactions and this is manifested in our strategic partnership with Visa, as making financial services simple, frictionless and seamless for the residents and corporates is the main aim for launching the application in the UAE. This serves as one step forward towards executing PaySky’s pursuit of market leadership & transforming financial services for individuals and businesses in MEA region, and this market launch also acts as a platform for wider global expansions to ultimately achieve PaySky’s vision of serving 1 billion consumers and 1 million businesses with the best-of-breed digital financial services and solutions.”
PaySky has been awarded several times in recognition of being the leading digital payment solutions provider and offering different financial services to corporates and individuals. The company was named the “Fastest Growing Omni-Channel Payment Solutions Provider in Egypt” by Global Economics in 2021. Moreover, as a testament to the potential that PaySky unlocks within the payment industry, DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region, selected PaySky to participate in its accelerator program in 2018. The company was also selected in 2021 to join Hub71 accelerator program at Abu Dhabi Global Markets (ADGM) to continue to innovate in the financial services space & help UAE emerge as a global financial services center of excellence & innovation hub.