YAP Mastercard Debit Card and an app that provides an overview of a consumer’s spending analytics, offers ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals and transfers. YAP has partnered with UAE lender RAK Bank to provide IBAN and BIN sponsorship. YAP app offers a virtual card with unique security features such as a unique card number, a unique CVV, and an expiration date for secure online shopping, as well as an extensive database of resources for users. Through a digital suite of instruments such as analytics and budgeting tools, bill splitting, consolidating and automating utility bill payments, and receiving reminders for payments due, the app helps users control their finances.
UAE YAP is launching a product specific to young people called YAP Young, where parents can create accounts for their children in order to teach them about financial literacy through spending, earnings and savings via their own YAP account. YAP is also launching YAP Household, a product that allows members to create an account for their household help, where they can deposit salaries and money for household expenses directly to their household help’s own YAP account. These product features are unique to the market and we believe will not only help meet unmet needs for everyday residents of the UAE, but also target the underserved communities too. The app was designed with innovative technology in fintech to make banking easy and more accessible to consumers. Fintechs have encouraged retail banking to focus on user experience at every point in the customer journey. Banks can no longer commit to the status quo or the regular business protocols they are used to. YAP aims to become the leading digital banking application of the region.