Today's Edition
LAMEES OBEIDAT (ABU DHABI)
In a bid to revolutionise the digital landscape of the UAE, telecom giants have unveiled groundbreaking super-apps, ushering in a new era of convenience and connectivity for residents and businesses alike.
On Monday, Du, one of the leading telecom operators in the UAE, introduced "du Pay," a versatile platform designed to streamline payments, transfers, and financial management.
Leveraging the latest advancements in fintech, du Pay aims to simplify transactions for users, offering a secure and efficient way to manage their finances within a single app.
Commenting on the launch of du Pay, Fahad AlHassawi, CEO of Du, expressed enthusiasm about the app's potential to enhance the digital experience for customers, stating: "This is an essential step forward in realising the vision of a digital UAE, enabled by seamless transactions for all residents in a truly inclusive, secure, and convenient financial ecosystem. By drawing on the strengths of our partnerships and our innovative approach, we aim to make significant contributions to the UAE's journey towards becoming a global leader in the digital economy."
With an impressive $39.7 billion in outward international money transfer volumes from the UAE, du Pay is positioned to tap into this extensive market by providing services that prioritise simplicity and a customer-centric experience.
Earlier this year, the UAE-based tech firm Astra Tech, owner of voice- and video-calling app BOTIM and leading consumer technology holding group in the MENA region, announced its partnership with Al Etihad Payments, a subsidiary of the Central Bank of the UAE, for the launch of Aani, an advanced instant payment platform.
Aani simplifies the payment process by allowing instant fund transfers using only the recipient's mobile number, email or a QR code, thus eliminating the need to ask for or remember complex IBANs.
Etisalat also entered the super-app race two years ago with its own super-app, "Go Chat," aiming to redefine communication and social networking in the UAE. Combining messaging, voice calls, video conferencing, and instant and secure money transfer, Go Chat offers a seamless platform for users to connect with friends, family, and colleagues, all within the trusted ecosystem of Etisalat.
In April 2022, Dubai-based Careem also took a big step towards becoming a super-app with the launch of Careem Pay, a digital wallet for money transfers and in-UAE withdrawals. Careem partnered with Lulu Exchange to open remittance corridors to Pakistan in 2022 and India in 2023. By year-end, Careem Pay's international money transfer service was proving its value, boasting a strong user retention rate of 77% and with the average transaction completed in a speedy 15 minutes.
The emergence of super-apps in the UAE signifies a major leap in the country's digital transformation. This shift coincides with market projections for substantial growth in the digital payment sector expansion at a compound annual growth rate of 15.20% from 2023 to 2030, predicting a surge in market value to reach $24.31 trillion by 2030.
