VaultsPay, a Dubai-based fintech payment company with a global footprint, and Wibmo, a PayU company and an industry leader in payment security and digital payments, have joined hands to launch an innovative pre-paid card platform that aims to accelerate financial inclusion in the Middle East by seamlessly serving the large population of underbanked people. Set to go live in the third quarter of the year, the prepaid card will be launched across the GCC with a phase-wide approach. While countries such as the UAE have introduced the wage payment scheme, there is still potential to channel the unskilled and semi-skilled workers- estimated at over 2.2 million – about 52% of the workforce, as per a UNSDG report – for online transactions through innovative fintech solutions, an opportunity that the two innovative enterprises are leveraging. Through the partnership, VaultsPay will leverage Wibmo’s Prepaid platform to build cutting-edge card issuance capabilities that is also feature-rich, configurable to specific requirements and secure. The platform’s SaaS modules are simple to integrate, significantly reducing the time to market.
Wibmo Inc., a Cupertino, California company is a subsidiary of PayU. It is a global full-stack PayTech company an industry leader in payment security and digital payments in emerging markets, partnering with 130+ banks across 28 countries. The company is the largest authentication service provider in India, one of the world’s leading digital payment markets. It also offers solutions ranging from mobile payments, fraud and risk management, prepaid solutions, and a host of merchant and acquiring services. VaultsPay is a popular payment solution in 180+ countries, with 120 currencies and 12.5 K users. VaultsPay puts the S in ‘Success’ by believing in customers, simplicity, security, and speed! The company has created a payments platform with extensive functionality, but individual customers say they just want to “get started with their transactions.” VaultsPay designed an account setup and transaction process that is simple and quick, with more complex features available when customers or business partners are ready to use them.