Dubai, UAE: Kamel Pay, a leading fintech in the region, has partnered with Mastercard to launch two innovative payments solutions for businesses and individuals in the UAE. The partnership will see the launch of two unique card products designed to meet the growing needs of businesses and underbanked individuals, supported by a feature-rich digital app powered by Mastercard’s secure, contactless payment technology.
Fully compliant with Wages Protection Scheme (WPS), the PayD card has been developed for the unbanked labor force in the country and will provide them with financial services designed to meet their everyday payment needs. The product enables cardholders to use their card or digital app for purchasing goods offline or online with various merchants, pay utility bills and send money to their loved ones, offering them a secure and seamless digital payment experience.
The Centiv Card is a quintessential tool for companies to replace petty-cash reimbursements and make low-value payments to streamline internal processes and focus on their core business activities. The card can be used to avail of government services, pay corporate utility bills, manage per diem expenses for employees and eliminate cash handling within the organization.
Hussain Al Qemzi, Chairman, Kamel Pay, said, “We are excited to partner with Mastercard in launching innovative financial services for businesses and individuals across the UAE via a friendly and secure digital app-based platform and Mastercard prepaid cards. This partnership will enable the much-required financial inclusion for the UAE’s underbanked population through state-of-the-art Kamel Pay digital app offering relevant and affordable financial services for their personal and family needs.”
“Having Mastercard as our strategic partner will provide Kamel Pay a strong foundation to deliver innovative financial products through a cutting-edge payment platform and superior service delivery. This collaboration will have a substantial impact on the adoption of secure and cashless payments across the UAE and in the region in near future; especially in the underbanked population who had been largely neglected. Kamel Pay strives to remain at the forefront of solving the ever-emerging financial needs of communities in the UAE and the larger MENA Region; by delivering the advantages of secure, convenient and cashless payments through product innovation and cutting-edge digital technology,” added Al Qemzi.
“At Mastercard, we are committed to driving financial inclusion through the power of digital payments and have set a goal of connecting 1 billion people and 50 million SMEs to the digital economy by 2025. This partnership will serve consumers and small businesses who have previously been excluded from the formal financial system and empower them with the tools and services to enhance and protect their financial wellbeing. Together with our strategic partners, we are committed to offering people in the UAE easy access to the digital economy as we look to drive inclusion and create new opportunities for all,” said J.K. Khalil, Country General Manager, MENA East, Mastercard.
ABOUT KAMEL PAY www.kamelpay.com
Inspired by the UAE’s National Payment System Strategy of moving towards cashless society, Kamel Pay was envisioned in 2019 as a Fintech Company with the strategic aim of empowering businesses and individuals with digital access to a full suite of financial services in the UAE. Kamel Pay aims to expand beyond the UAE and become the leading Fintech Company in the MENA Region. The Kamel Pay founding team has a combined 100+years of banking and technology leadership experience with a proven track record of launching customer-centric digital solutions coupled with delivering value-added customer benefits in multiple banking organizations across jurisdictions.
About Mastercard Incorporated (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Mastercard Communications Contact