UAE – VaultsPay, a Dubai-based fintech payment firm, has teamed up with Wibmo, a PayU company, to launch a pre-paid card platform to promote financial inclusion in the Middle East and GCC.
In line with the UN Sustainable Development Goals 2030, the platform seeks to provide underbanked people with various payment solutions and a secure way to carry out online transactions, according to a press release.
Under the platform, pre-paid cards will be issued to facilitate financial transactions for those with no bank accounts and less access to online transactions.
In the third quarter (Q3) of 2022, employees across the GCC region will be able to use these cards to withdraw money after depositing their salaries into pre-paid accounts.
Mohammed Afifi, CEO of VaultsPay, said: “As the region pivots to digitalisation and the move towards cashless transactions, our solution aims to drive economic inclusion for a large pool of unbanked and underbanked people.”
Chitrajit Chakrabarti, Head of Middle East and Africa at Wibmo, noted: “Alongside VaultsPay, we will build a complete issuance ecosystem that will drive multi-institutional transaction processing and corporate payments serving both workers and corporates.”
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