Kamel Pay, a fintech in the MEA region, has partnered with Mastercard to launch two payment 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 contactless payment technology.
Fully compliant with Wages Protection Scheme (WPS), the PayD card has been developed for the unbanked labour 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 organisation.
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 one 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.
