UAE NEWS :
UAE telecom company du is set to launch a remittance service to over 200 countries through its payment platform, following the recent acquisition of a financial technology license. This move comes at a pivotal time as digital payment methods become increasingly popular among UAE consumers. du's entry into the fintech sector, particularly in money transfers, marks a significant milestone.
Based in Dubai, du currently boasts 8.6 million mobile users and has seen substantial growth in recent quarters. The company's fintech services will also include peer-to-peer payments, another area experiencing high adoption rates, especially among younger demographics.
“These new services will operate under 'du pay' and will also allow users to receive salaries through IBAN. Users will soon receive their physical cards, which can be linked to digital wallets or used at ATMs. Even without a card, users can withdraw cash from ATMs using a cardless service,” said du CEO Fahad Al Hassawi.
Background: The Success of Etisalat e&money
du's foray into fintech follows in the footsteps of Etisalat, another major UAE telecom provider, which has seen significant success with its e&money platform. Launched as part of Etisalat’s digital transformation strategy, e&money has become a popular choice for digital payments and remittances, offering a range of services including mobile wallets, international money transfers, and bill payments. The success of e&money highlights the growing demand for digital financial services in the UAE, setting a strong precedent for du’s new ventures in the fintech space.
With the introduction of these new services, du aims to further enhance the convenience and accessibility of financial transactions for its customers, reinforcing the UAE’s position as a leader in digital finance innovation.
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