With this update, Foloosi aims to substantially grow its money transfer business
At a time when the digital payments space is undergoing major changes in UAE, Foloosi has revamped its website/ app to make it more user-friendly and intuitive.
The new update personalizes the app experience for the user, showcasing frequent use cases at a customized level. As a result of the upgrade, payments are now simpler and faster.
Foloosi helps the retailers in UAE to accept payments using QR code without the need of any POS machine. Folossi provides the following for the retailers.
No payment fee
No Setup fee
No need of any infrastructure
No annual fee
We have revamped the website and presented all the information in snapshots. We are very excited to introduce the new revamped interface on Foloosi App/ website. In continuation of our constant effort to provide our customers with the best user experience, the new design is refreshing and has upgraded to some of the most important flows.
We have introduced the first and foremost payment option called “Payment Link” which can be benefitted by the merchants and individuals to get their payments using payment link though they don’t own any website to sell their products.
Our offline payments have also scaled as we pioneered Foloosi QR, enabling merchants to accept payments directly into their bank accounts by scanning the QR code. Also Foloosi helps retailers in UAE to accept payments via Foloosi payment gateway.
Thus we have revamped the website aiming at exponential growth and spreading the digital space throughout UAE.
This improves the shopping experience and consequently customer loyalty and retention.
Dubai: Dubai International Financial Centre’s (DIFC) new $100 million (Dh367 million) FinTech fund, which will come from internal resources, will support Fintech Hive start-ups in Artificial Intelligence, blockchain, robotics, DIFC governor Essa Kazim said on Tuesday.
He was speaking at the Global Financial Forum, which was opened by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and the president of DIFC.
DIFC thinks that fintech is “underserviced” and the allocation of funding going into this new business is “very very limited” in the MEASA region, accounting to less than 1 per cent of the total.
“We are ready to spend the money. But it will depend on opportunities and if it makes commercial sense,” Kazim told reporters. “We want to consolidate the position of the DIFC and to be at the forefront of the changes that may happen in the financial sector.”
The fund can grow bigger, Kazim said.
“We have been talking with some government departments at federal level, or local level. If the interest materialises into anything then definitely the structure of the fund will be different,” he said.
“We don’t mind having other entities mainly government or semi government entities to participate in this fund. Today the fund is sufficient to support our own initiatives whether it is development of Fintech hive, the type of companies that are going to be supported by accelerator,” Kazim added.
Importance of Fintech
The 2024 strategy, which was a 10-year plan of the DIFC to triple its size, was launched 3 years ago, but Kazim didn’t envisage that Fintech would have been a part of the strategy, when the announcement was made.
“There is a new order that global financial services industry needs to navigate … the new alliances are being forged. The rapid emergence of advanced technology in all areas of finance is creating shifts like never before in the industry,” Kazim said.
Updating on the achievements made so far in the 10 year strategy rolled out in 2015, Kazim said “We are on track (in terms of meeting targets for the 10 year strategy). In certain areas we have passed our targets, but other areas we are lagging behind in area of employment. Although the number of licenses are on track attracting companies, but there is a little lag (not significant) in terms of employment,” said Kazim.
Falling oil prices has not been a negative for the center to attract businesses. Before the drop in oil price, the DIFC licensed 150 companies a year on an average, after that the average jumped to 300 companies.
“That (funding) element has encouraged banks to really expand their balance-sheet and provide credit to regional governments. Governments have been active in issuing bonds and sukuk and that also encouraged financial activities in the DIFC,” Kazim said.
DIFC also hopes to attract more asset managers, financial institutions from India and China.
Regarding competition from other financial centers, Kazim said “competition is always there. The UAE was built on competition and on market forces. We have 5 airports, and 7 ports, and financial activity is one of those things. We don’t fear competition, and it is always good.”
Regardless of whether you’re a substantial endeavor or a private company, Foloosi offers a wide scope of solutions for reevaluate retail and enhance the purchaser experience.
“The capacity to utilize Foloosi at all of the spots they shop online — and now the majority of the spots they shop offline— is the epitome of our decision and association methodologies. This is a genuine success for the customer, the trader and the money related organizations whose cards they are utilizing to support their virtual Foloosi accounts.”
The challenge of digital payments is giving shoppers a generally excellent motivation to bring an end to their old payments habits.
Foloosi has dependably trusted that merchants, and not simply shoppers, must be in charge of digital wallet appropriation. From drug stores and accommodation stores to snappy administration eateries and bistros to claim to fame retail, all shippers are fruitful ground for actualizing a more extensive assortment of payment strategies into regular business encounters. The more traders that do as such, the more purchasers will pursue.
Foloosi said, sees a real opening for consumers to more easily use their accounts in-store to bolster efforts for the retailer to know who’s walking into their storefronts so they can engage with the consumers at a deeper level.
Foloosi provides grade Payments Solutions for all Retail Business
Add Payments to your Offline and Online POS
QR code has order information and amount
With a single tap customers can make payment from Foloosi app scan
Ideal for vending machines and billing POS
In the case of merchants they can scan customer’s QR code to debit amount
Super quick payment to address queuing woes
Ideal for quick service restaurants and supermarket
Foloosi helps retailers to accept payments using QR code without the need of any POS machine. Folossi provides the following for the retailers.
A secured payments platform for users to complete their daily transactions, making it simple and fast, without having to reach for physical wallets.
The mobile digital wallet “Foloosi” is the future beyond the paper money. Henceforth, in line with the governments’ relentless efforts to move towards the digital economy, we launched the Foloosi, an integrated mobile digital wallet that provides all citizens and residents with multiple benefits to manage their everyday financial needs.
According to the UAE central bank and the online comparison site compareit4me figures, around 75% of the economy is cash based; furthermore, 85% of residents prefer cash-on-delivery over credit card payments.
Foloosi provides a complete digital wallet and payments platform for a convenient, reliable and safer transactions.
Several benefits of Foloosi include:
Send and receive money to family and friends instantly and around the clock
Ability to pay to a business partner directly in-app or through the smart QR code technology.
Enable individuals to pay bills, invoices and follow up their payments.
Ability to fund the account using a credit card or prepaid cards issued in the UAE, and through thousands of deposit machines deployed in the country as well as licensed agents.
WPS – Wages Protection System is an electronic salary transfer system that allows institutions to pay workers’ wages and Foloosi is looking to utilise this niche market of 15% labour force.
Remittance for expat labour targeting three countries – India, Pakistan and the Philippines.
Foloosi is helping kids to use money in a fun way within a safe environment by being the first digital wallet to allow parents to empower their children in making real money decisions. Money handling tips will be provided to kids within the app and they can make use of it. Empowering children to spend money wisely has an effect on the growth of their financial intelligence and Foloosi has packed the Child’s app with feeds on financial tips. Foloosi will look to partner with educational institutes to make this app more powerful and meaningful.
We have the following MVP at hand in working test mode:
Foloosi says it will let users complete their daily transactions without having to reach for their physical wallets. The idea is to act as a mobile wallet so users can carry their credit card or debit card information in a digital form.
In an interesting use of words, Foloosi explains that it provides
gateway solutions to online businesses through its “progressive and
This gateway connects the buyer and agent for any online payment
transaction. The value stored on the wallet can be paid in exchange for
any goods or services purchased online.
Along with businesses, the start-up is targeting the “student” market. It seems the firm means children.
Foloosi says parents can send and track money to their “kids”.
Features include a family allowance application to track stipends –
“power to kids, no pestering for parents!”
There are also money-handling tips and child friendly stores. The
latter will display kids’ toys and books, so they can spend their
allowances under the parents’ control.
The company was founded by Omar Bin Brek. He is also currently listed as an entrepreneur at the Sharjah Entrepreneurship Centre in the UAE. Albreki says he is “refining and developing” Foloosi at the Sheraa incubator programme.
Prior to Foloosi, Bin Brek founded iDeliver2 in London. This was an
“on-demand 24-hour delivery service” – such as for documents or food.
Bin Brek confirmed to FinTech Futures that the name Foloosi is a reference to “faloos” – Arabic for “money”.
Growing number of professionals seeking work options that have flexible working hours
Dubai Aviation City Corporation (DACC), which is the licensing and regulatory body for Dubai South free zones, has announced that freelancers can now avail the opportunity to work under a freelancer work permit.
initiative is in line with global trends of a growing number of
professionals that are seeking work options that have flexible working
hours and work-from-home agreements, said a statement.
This new development reflects Dubai South
and DACC’s commitment to help position the emirate as the most
innovative business hub attuned to the modern needs of both companies
and the workforce in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it said.
continues to build new initiatives that support businesses in Dubai to
maintain its global attraction as a magnet for foreign investors, it
The emirate is strategically positioned in key sectors
surrounding innovation and digital technology such as e-commerce, AI,
blockchain and fintech, following 26 per cent increase of foreign direct
investments (FDI) during the first half of 2018, reaching Dh17.7
billion ($4.81 billion).
Dubai South’s ongoing initiatives are
further boosting the business activities of its partners which include
startups, SMEs and multinational companies, and most recently,
individual professionals in specialised professional sectors.
Shoaib Al Rahimi, vice president of the Business Park,
Dubai South, said: “Our commitment to create a viable business
environment for SMEs and multinationals alike continues to be reflected
in various initiatives.”
“Considering the ever-evolving business
landscape, policies and strategies from 10 years ago had to undergo huge
transformation to adapt to current trends and meet the needs of
businesses. We are keen to be on top of leading efforts that meet the
needs of today’s SMEs, startups as well as individual professionals
seeking independence through a range of customized solutions that will
further hep them grow their business,” he added.
The new scheme is
expected to widen the scope of income sources for professionals in
Dubai and the UAE and take advantage of the business opportunities
within Dubai South.
Among other initiatives, the Business Park
continues to boost the role of multinational companies (MNCs) and
connect them with SMEs at Dubai South Business Park through various engagement sessions, including periodic workshops.
Business Park is home to some of the leading international business
organisations such as the Japan Trade Center, Chinese Business Hub, and
Business entities also enjoy a range of
incentives such as rent reduction from 5 per cent up to 25 per cent for
existing and new tenants in line with customer loyalty program, leading
to 85 per cent tenants’ retention.
It also allotted 10 per cent of
its annual procurement and projects to Dubai-based SMEs, including more
than 25 per cent reduction on annual rent.
The latest initiative
defines a freelancer as a sole practitioner who conducts his business in
his birth name as opposed to a brand name. Freelancers, who manage
their own schedule, will have the flexibility to choose the company they
work with and the projects they accept.
When applying for a work
permit in Dubai South, they must be a degree holder and they should
submit a professional certificate or proof of relevant freelance
experience. The guidelines also state that no lease is required to be
granted the permit and benefiting from the free zone privileges while
maintaining a sustainable business environment and three years visa.
Abdulla Ahmed, vice president – licensing and regulatory affairs, Dubai
Aviation City Corporation, said: “We made the decision to issue this
special permit to keep up with the dynamic changes that we have been
seeing over the past years.”
“This is in line with the UAE’s phenomenal rise as a leading business hub which is reflected by a clear long-term vision towards sustainable development by the country’s leaders,” he added. – TradeArabia News Service
Regardless of whether it was an internet browser that recollected that you credit card or a millennial customer purchasing an espresso with their cell phone, chances are you’ve most likely run over some type of Digital wallet amid your shopping in the previous year. Digital wallets are proceeding to pick up footing all inclusive just as in the Middle East and it’s gradually changing the manner in which we consider payments.
In this blog we are going to see about digital wallet and what’s happening in the right now that may lead to a digital wallet revolution in the coming years.
What is a digital wallet?
An application on the mobile phone that processes electronic payments
A mobile device that has a secure element associated with it that allows important ﬁnancial and personal data to be stored on the phone
A service that lets users integrate payment, loyalty, account history, and ﬁnancial instruments all in one application
A service that is usually targeted to cardholders, although some offers do focus on merchants
A digital wallet is basically precisely what it sounds like: a “wallet” that lives on an digital platform, (for example, a cell phone or internet browser) rather than in your pocket or tote. The innovation gives an advantageous method to arrange your installment strategies and eventually pay for merchandise and ventures without the need to convey anything over your cell phone.
How do digital wallets work?
A customer can utilize all of their stored information simply by opening an app on their phone, entering in a PIN, password or ﬁngerprint and then selecting the information they need to access. The app then utilizes information transfer technology such as Near-Field Communications (NFC) to interact with mobile wallet ready payment terminals.
Mobile wallets store your credit or debit card securely
They may also store your loyalty cards, coupons, tickets, etc
They communicate with terminals using a variety of technologies
That’s where you come in as a small business owner. Without a device that receives mobile wallet information, you won’t be able to take advantage of this increasingly popular payment mechanism.
Digital wallets and Middle East
When taking a gander at the ascent of digital wallets internationally, there are three fundamental factors that are at present driving interest: innovation, socioeconomics and development. For Middle Eastern markets, these variables are especially fascinating the same number of nations in the locale is seeing sensational changes over each of the three that will majorly affect the digital wallet use in the coming years.
As far as innovation, the significant main thrust is the expanding infiltration of top of the line cell phone gadgets. As almost all cutting edge cell phones can go about as a digital wallet, this pattern has prompted almost universal portable wallet entrance, regardless of whether numerous buyers are not utilizing (or even mindful of) the component. At this stage the test is more about shopper training and boost than access to the innovation.
Notwithstanding the positive innovative move, socioeconomics are additionally pushing toward expanded digital wallet use. As recent college grads and Gen Xers progressively expect their cell phone to control their lives (think internet based life, web based shopping, voyaging, and work), merging installments into a similar gadget turns into an alluring and legitimate subsequent stage.
The third factor, development, is likewise grabbing hold over the area with an expanding populace of business visionaries who are anxious to take care of old issues by utilizing new innovation.
Finally, while the innovation is still at the early selection stage, digital wallets have just considerably affected different parts of the payment scene. For retailers and E commerce platforms alike, digital wallets are turning into a basic device for overseeing payments.
For high-recurrence organizations, similar to basic needs and petroleum stations, quicker payment handling and a decrease in real money exchanges can possibly improve effectiveness. In eateries, advanced bill conveyance and payment can quicken table revolution and decrease staffing necessities. For retail, digital wallets take into account simpler to execute dependability programs and can even consider progressively nitty gritty purchaser conduct following.
Digital wallets offer a range of benefits to both consumers and the business communities
Foloosi Technology, a payment gateway UAE brings to you easy to use options that are designed to be accessible, convenient and simple backed by reputed partners to provide security and a credible and reliable customer experience.
Foloosi Technology, online payment gateway UAE provides a convenient way for a user to make in – store payments and can be used at business listed with the Foloosi Technology service provider.