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Telecoms giant Emirates Integrated Telecommunications Company (EITC) — more commonly known as du — has launched du Pay, a fintech solution aimed at improving financial inclusion, accessibility, and security, according to a press release (pdf). The platform offers digital financial and payment services, including international transfers, peer-to-peer transfers, mobile top-ups, and bill payments. Du Pay also enables users, including domestic workers, to receive funds and salaries directly within the app.
REMEMBER- The company had received a license from the Central Bank of the UAE to offer new digital financial services in March.
App features: The platform supports Arabic, English, Hindi, Bangla, Malayalam, and Tamil languages to ensure inclusivity for its diverse user base. The app plans to incorporate a card feature to expand payment options.
What they said: “This is an essential step forward in realizing the vision of a digital UAE, enabled by seamless transactions for all residents in a truly inclusive, secure,and convenient financial ecosystem,” du CEO Fahad Al Hassawi said.
Looking ahead: Du is considering integrating cryptocurrency and investment tools into Du Pay, CEO of Financial Services Nicolas Levi told The National. These additions could significantly benefit investors and would be pursued through partnerships and in compliance with UAE regulations, Levi added. It’s also set to roll out a card soon, according to the statement.
DATA POINT- Market forecasts predict sustained expansion in the digital payment sector, projecting it to reach USD 3.3 tn in payment services by 2031.
