Foloosi Crosses AED 1 Mn Bi-Annual Gross Transaction Value

Foloosi (https://www.foloosi.com) is a UAE Fintech startup facilitating consumer-to-business card payments by enabling the business to display QR code, Payment Link and API integrations for the customer to scan & pay in a tap.

We are very glad to announce that our bi-annual gross transaction value (GTV) had crossed one million AED since going live in January 2019. This is not possible without our Foloosi community, business partners and followers.

Foloosi’s CEO & Co-founder Omar Bin Brek said

We as a team believe that this is the best and ever-green Eid gift reaching our milestone is something special to be celebrated.

We thank our Foloosi community, business partners and followers with grateful heart and wishing them all a happy and prosperous Eid.

Foloosi enables a digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi features a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.

We have a unique offering, since no other digital platform in our region serve to onboard businesses and consumers alike while complimenting the banking system using the QR code technology.

We distinguish ourselves by offering local financial intelligence educational feeds using machine learning techniques and artificial intelligence, besides great user retainment features such as social event bookings.

Together we have come up with a fresh concept, in line with the UAE’s 2021 vision, complimenting the banking system and an ambitious but achievable plan to build into a thriving new business.

Foloosi’s Co-founder, Mohan K outlined

Foloosi enables simple and easy way to accept, process, disburses payment solution for businesses. We help businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi payment solutions can be integrated by both web and mobile applications

Top 40 Fintech influencers to follow in the Middle East

Over the last couple of years, several changes in technology have an impact on financial and banking services as well. Now everyone is aware of the term FinTech which means usage of technology in the financial sector. Definitely, fintech influencers had their piece of share in making fintech an enormous thing by sharing their ideas and influencing the world of techno-finance. Along with several other nations, the Middle East also have seen many influencers who helped in Fintech growth.

Here’s a list of top Fintech influencers in the Middle East region (not in a specific order)

1. Raja Al Mazrouei

Raja Al Mazrouei is the Executive Vice President of FinTech Hive at the Dubai International Financial Centre(DIFC). She works with an aim to make DIFC as the region’s best innovative destination for Fintech.

2. Arif Amiri

Arif Amiri is the Cheif Executing Officer at Dubai International Financial Center(DIFC). He manages the strategic and operational functions of the center. Currently, DIFC is working towards the fintech development which is a part Arif’s vision for DIFC.

3. Leigh Flounders

Leigh Flounders is the Senior Vice President Head of Digital Strategy and Engagement at Emirates NBD. He bagged several awards till date, amongst which The 2017 South By Southwest(SXSW) Conference FinTech & Payments pitch winner deserves a special mention.

4. Craig Moore

Craig Moore is the founder of Beehive which is the first peer-to-peer lending platform in the Middle East and North Africa(MENA) region. Beehive was launched in November 2014, it connects businesses seeking finance and investors. Till date, it has provided finance to more than 32 SMEs.

5. Kanchan Kumar

Kanchan Kumar is one of the founders of Remitr. Remitr is an end-to-end money transfer platform which was started with an aim to make global payments simple. In the year 2016, it was recognized as one of the most promising startups in the UAE region. 

6. Suvo Sarkar

Suvo Sarkar is the Senior Executive Vice President and Group Head in Retail banking & Wealth management at Emirates NBD. He contributes to the growth of revenue, profits and customer base for the bank by setting new standards for product innovation. He also publishes a column on the changing paradigms in the banking sector. He is considered as a Finovate speaker in the Middle East.

7. Abdulaziz Al Jouf

Abdulaziz Al Jouf is the founder of PayTabs. PayTabs is a payment gateway that provides businesses to transfer funds to each other without any complications. Realizing the difficulties faced by the SME merchants in the MENA region to get a payment gateway, Abdulaziz developed PayTabs. It provides payment solutions to all kinds of business be it small and medium enterprises, large scale organizations, etc.

8. Mirna Sleiman

Mirna Sleiman is the CEO and founder of Fintech Galaxy which is a digital crowdsourcing platform. It connects fintech entrepreneurs and investors. Mirna is the former award-winning financial journalist. She even guided several banks and governments on their digital transformation projects.

9. Sridhar Iyer

Sridhar Iyer is the Head of Mashreq Neo and Banking. Mashreq Neo is the digital banking application that is working with an aim to make banking easy and swift for the customers. This definitely makes a good addition to the growth of fintech in the UAE region.

10. Moussa Beidas

Moussa Beidas is the founder of Bridg, a smartphone app. It is an app which uses Bluetooth to make online payments. It is the first app that works on flight mode as well. Bridg is definitely one of the best fintech innovations. It makes the payment process simple. 

11. Sagar Sanap

Sagar Sanap is the AVP- Digital Sales Lead in Citi Bank. Being expertise in the field of Product strategy, Digital marketing, and campaign management, he is making a good share in the field of fintech.

12. Sam Quawasmi

Sam Quawasmi is one of the founders of the first equity crowdfunding platform Eureeca. It provides equity-based crowdfunding opportunity for the businesses. In the year 2013, Sam Quawasmi and Chris Thomas(Founder of Eureeca) were awarded “Innovator of the Year” award by Gulf Business Industry Awards in the UAE. 

13. Peter Smith

Peter Smith is the managing director, policy and strategy at Dubai Financial Services Authority(DFSA). DFSA regulates the financial services conducted from Dubai International Financial Center(DIFC) which works with a vision to drive the future of finance.

14. Philip King

Philip King is the Global Head of Retail Banking at ADIB. Prior to ADIB, he worked in several other well-known banks. ADIB launched MoneySmart which is the first digital community in the Middle East region. It also added “ADIB Express” to their app in order to provide instant digital services to their customers.

15. Richard Teng

Richard Teng is the CEO of the Financial Services Regulatory Authority (FSRA), Abu Dhabi Global Market(ADGM). The first Fintech Regulatory Laboratory Framework in the MENA region was developed in ADGM under the supervision of Richard. He works in the development of Fintech ecosystem in Abu Dhabi region. 

16. Wai Lum Kwok

Wai Lum Kwok is the Executive Director of Capital Markets, Financial Services Regulatory Authority (FSRA), Abu Dhabi Global Market(ADGM). He is known for his efforts and supervision in the development of Fintech in ADGM.

17. Promoth Manghat

Promoth Manghat is the CEO of UAE Exchange. He leads the global operations team of UAE Exchange center. He supervises in expanding UAE Exchange all over the world besides the day-to-day operations of his team.

18. Jayesh Patel

Jayesh Patel is the head of Liv. account of Emirates NBD. Liv. account is the first digital banking account in the UAE region. This account was launched by taking millennials and digital lifestyle into consideration. Liv account is one of the best add-ons to Fintech growth in the UAE. 

19. Stelios Michaelides

Stelios Michaelides was the head of Digital Banking in Commercial Bank of Dubai(CBD). CBD Now is a digital banking product that was launched under the supervision of Stelios. It uses the latest technologies which promote in the safe and simplest way of banking for the customer.

20. Siddiq Farid

Siddiq Farid is the CEO and one of the founders of SmartCrowd. SmartCrowd is a real estate crowdfunding platform in the UAE. It is the only company that is regulated by the DFSA(Dubai Financial Services Authority) and the first company in UAE that supports digital real estate investments.

21. Tanvir Shah

Tanvir Shah is the Managing Director of The Partnerships Consulting. He supervises on banking, payments, fintech strategies, etc. in the MENA region. His works have been recognized by several popular publications like The Banker Middle East, Cards International, etc.

22. Lynnette Abad

Lynnette is the Director of Research and Data at PropertyFinder group. Having technology and real estate as her professional passions, she’s been working on PropTech for maximum time in her career. 

23. Mark Chahwan

Mark is one of the co-founders of Sarwa. Sarwa is an online financial advisor that helps customers in finding investment opportunities with good returns and low-risks. It was recognized as one of the top 20 fintech companies by Forbes and the first startup to have an innovation license by the Dubai International Financial Center.

24. Mike Cunningham

Mike has been spending most of his career in the FinTech sector. He works as an independent mentor at DIFC(Dubai International Financial Center) Fintech Hive. Besides that, he is the CEO of BankClearly a startup which invented a new way of banking.

25. Omar Soudodi

Omar Soudodi is the managing director at PayFort. PayFort is a payment gateway platform which provides a secured and safe payment facility for online shoppers. It has won several awards in the MENA region along with the Best Fintech Company in the year 2016 by The Entrepreneur. 

26. Usama Zafar

Usama Zafar is the Head of Digital & Direct Marketing in ADIB. He has 13+ years of work experience in well-acclaimed domestic and international companies. He is considered as a growth hacker with accomplishments of billion dollars in annual sales of the companies he worked.

27. Nameer Khan

Nameer Khan is not only a fintech influencer but also an insurtech. He is a founding board member of MENA Fintech Association which helps in shaping the future of financial services in the UAE.

28. Ola Doudin

Ola Doudin is the Cofounder and CEO of BitOasis which is digital asset exchange and wallet. It allows individuals to purchase, sell and trade digital assets. Along with the digital wallet and trading services, they also offer consulting services to the organizations.

29. Omar Rana

Omar Rana is the co-founder and director of strategy and finance in Finalytix. Finalytix provides financial advice and wealth management of a company. Omar is also a global fintech speaker who was invited to talk at various conferences.

30. Omeed Mehrinfar 

Plug and Play Tech is a platform that connects Startups and the world’s largest corporations. Omeed Mehrinfar is the regional director of such an innovative platform that helps the startups, investors, etc connect with each other. Plug and Play Tech work on the main objective to catalyze technological advancement.

31. Osama Al Rahma

Osama Al Rahma is the CEO of the Al Fardan Exchange. Al Fardan Exchange is a well-known exchange center in the UAE. Apart from the Al Fardan Exchange center, he is a board member of certain well-acclaimed companies like Foreign Exchange and Remittance group, 2 the point, who is responsible for the development of strategies. 

32. Tim Buckler

Tim Buckler is the Digital Sales Manager in Emirates Islamic Bank. With 9+ years of experience in the field of digital finance, his strategies mainly focus on developing overall e-commerce experiences. He helps in building the digital channel that eventually drives towards the customer and product gain.

33. Preeti Mundhra

Preeti Mundhra the Head of Marketing and Partnerships at the Liv. Digital Bank is one of the best fintech influencers in the UAE through Liv. account which is one of the best initiatives in the fintech space. 

34. Shaheen Alkhudhari

The founder and CEO of the well-known rent and property management platform, Ajar Online is Shaheen Alkhudhari. This platform helps homeowners manage their properties by offering a quick online rent collection facility. This makes the process of receiving or sending rent very easy.

35. Khalid Saad

Khalid Saad is the CEO of Bahrain Fintech Bay. Bahrain Fintech Bay is the first fintech hub in Bahrain and largest fintech hub in the MENA region. He is also the Executive Director of Fintech Consortium which helps in growth and acceleration of Fintech ecosystems.

36. Sonny Zulu

Sonny Zulu is the Managing Director and Head of Retail Banking at Standard Chartered Bank. He is known for delivering outstanding performance at work which helped in the growth of profits, revenue, etc.

37. Eric Modave

Eric Modave is the Chief Operating Office in Arab Bank who is in charge of all the IT operations, Enterprise Digital Innovation, data management, etc. for the bank. Prior to the Arab bank, he worked at top-noted banks in other regions.

38. Denit Varghese

Denit Varghese is the Senior Digital Planner at Carat. With long career experience in the field of digital marketing, his motto of looking at the long term success rather than short term returns makes him the best at the industry.

39. Bogdan Maranu

Bogdan Maranu is the Associate Media Director at Spark Foundry. It is a start-up that melds an innovative business approach with resources and capabilities. 

40. Omar Bin Brek 

Omar Bin Brek is the founder of the UAE Fintech Startup Foloosi. Foloosi facilitates consumer to business payments with advanced technical solutions. This is definitely a good add-on to fintech realm.

Source :
https://www.mymoneysouq.com/financial-blog/top-40-fintech-influencers-to-follow-in-the-middle-east/

UAE fintech startup Foloosi raises Pre-SEED funding

Foloosi, a UAE Fintech startup facilitating consumer-to-business card payments through several ways by enabling businesses to display QR code, share Payment Links and API integrations makes it possible to accept card payments without the need of a POS machine.

Foloosi has raised an undisclosed amount of pre-seed fund from Angel fund investor Rashed Alfalasi in May 2019.

Co-founders Omar Bin Brek and Mohan K with an in-house team of 6 has managed to get the idea off the ground and continue to serve as a valuable start-up in the UAE market.

United Arab Emirates has the highest banking penetration rate in the middle east region. Though in contrary, according to UAE central bank figures (in 2017): 75% of the whole UAE economy is based on cash transactions. Furthermore, compareit4me.com survey (2018) show that 85% of online orders are processed through cash-on-delivery option as a method of payment. Residents need more advanced and modern options in line with the UAE’s 2021 vision.

Foloosi will enable a digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi will feature a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.

Just-in also, Foloosi has launched its new product ‘Point of Sale’ for small and medium sized businesses. This dedicated POS system will provide merchants a wholly complete system including digital checkout eyeing for a huge potential in the GCC market.

Foloosi enables businesses to go for a complete digital transformation including paperless receipt checkout, which helps the society become greener.

Foloosi CEO, Omar Bin Brek says…

“With the support of our strategic investors, we are accelerating the development of our products further in this digital world and this is a great opportunity to improve in the advanced technology experienced by our users”

The Investor Rashed Alfalasi says…

“I invested in Foloosi because I believe the future will be cashless and that Foloosi is one of the companies that will emerge to lead this effort because of its great team and their strong vision. With dedication and the right strategy, Foloosi can build the cashless society and will provide payment solutions that serve all kind of businesses.”

Source : https://magnitt.com/news/uae-fintech-startup-foloosi-raises-pre-seed-funding

List of Best Online Payment gateway Portal for your E-Commerce Business

Having the best payment portal for your E-Commerce business can be the most important apparatus to succeed. It ought to be planned according to your necessities. It causes you to offer a solitary, coordinated answer for purpose of offer (POS) and handling the payment, which can be offered to traders as a substitution of the present payment strategies. To guarantee that shippers don’t bargain with their present supplier, your pay door arrangement must be verified to take out the risk of chargebacks, and have an all the more wide extent of decisions for making the payments. It even offers centered cost, start to finish client support, speedier settlement, and phenomenal detailing.

Foloosi

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 - Payment Link

For Android : 
https://play.google.com/store/apps/details?id=com.foloosi.customer&hl=en

For iOS : 
https://itunes.apple.com/us/app/foloosi/id1424241732?ls=1&mt=8

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.

Telr

At first known as Innovate Payments, it was once considered as a standout amongst the best new businesses of UAE. Telr offers its administration in excess of 120 monetary forms around the world. One of the remarkable highlights of Telr is that they offer their administrations in creating nations like Indonesia and Pakistan. Their yearly support cost is $ 95, $27 and $13.5 for section, little and medium dimension accounts separately.

There is additionally no charges on the settlement to the trader represent the section level arrangement. Their administration charges are referenced underneath:

Pay U

PayU, created by the Indian payment handling company, is the most straightforward E Commerce paymentment framework intended to fill the holes left by different complex specialist organizations. PayU is generally acknowledged because of its high change rates and acknowledgment more than a few other payment strategies. The PayuBiz’ API’s and SDKs help associate this stage to any site, application, or related outsider frameworks.

PayU permits payment with a solitary tap. A critical specialized progression is made by allowing the recurrent clients to avoid the progression of entering CVV over and over. The stage even permits perusing and entering OTP before the clients, and consents to the most noteworthy of PCI and DSS principles to guarantee installment data. It likewise stores all credit vault information, so neither the trader nor their clients would need to key it more than once.

Braintree

Presented in the year 2012, and as of now the best portable payment entryway in India and furthermore over different nations. Financed by financial speculator and financial specialists, Braintree is various in its programming, and the code can be set explicitly into a vendor’s online website. It gives a protected checkout experience to the clients, accordingly reassuring them to come back to the site. It is a perfect entryway for associations hoping to process payments productively and overhaul their request the board. It is by and by prepared to form into customary E Commerce locales that license the trading of things or administrations. It offers an online payment door to new and rising associations that empowers them to address associations that probably won’t be able to deal with the payment structure.

Paypal

Set up in 1999, for both MasterCard and debit card payments, and is free for buyers, while traders need to pay change expenses while using PayPal for Visa payments. This payment portal does not require any setup costs, passage expenses, or month to month charges. The advantages are that merchants don’t have to pay once the deal is finished. While using PayPal Standard, clients may leave the site to register out and sign with their PayPal record, or they can pay through Credit card or Visa card without information exchange. PayPal Pro enables dealers to have and alter their entire look at procedure with the goal that customers don’t have to leave the site. It furthermore acknowledges Mastercards utilizing fax, mail, or phone.

Payment Gateways are the eventual future of B2B E Commerce business. They develop a secure connection between the site/browser and the payment processor, thus encrypting payment information for each credit/check card transaction. Therefore, make the right choice for your online store that depends on quality standards, policies, and secures the available sensitive data.

CashU

CashU was set up in 2002 with the sole motivation behind serving clients in UAE yet it has now turned out to be exceptionally mainstream in Europe also. Strangely CashU offers free record creation and has the support charge of 1$ every year which is least in the market. There per exchange charges relies upon the measure of exchange. A total rundown of the considerable number of charges can be found here.

CashU

Recently CashU has additionally begun their virtual charge card administration with the coordinated effort of MasterCard. UAE inhabitants with an enlisted CASHU record will almost certainly make their Virtual MasterCard Prepaid Card immediately, to make payment gateways on web based business entryways that acknowledge MasterCard.

For more details on most popular payment gateways and payment gateway processes or integrating them during your Grocery app development or some other digital assistance reach out at us.

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Foloosi – New Update in Design

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.

Foloosi Technology   Payment Gateway UAE   Online payment Gateway   Merchant Services

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.

How Foloosi helps retail businesses in UAE?

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.

Foloosi - QR Code Technology
  • No payment fee
  • No Setup fee
  • No need of any infrastructure
  • No annual fee

Foloosi – UAE Digital Payments Solution

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:

  • User Android App (Play store)
  • User iOS App (SDK)
  • Business Android App (Play store)
  • Business iOS App (SDK)
  • Merchant CRM Panel
  • Agent CRM Panel
  • Admin CRM Panel

Source : https://www.f6s.com/foloosi-digitalpaymentssolution/about

UAE-based payments start-up Foloosi has launched offering cashless transactions through a digital wallet

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 award-charming technology”.

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”.

Source : https://www.bankingtech.com/2018/06/uae-digital-payments-start-up-foloosi-fires-up/

Foloosi – Middle East and Digital Wallet

Middle East and Digital Wallet

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.

Foloosi Pay

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 Payment

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.

Scan and pay instant using Foloosi app!

Foloosi – Create a payment link and Get paid Instantly

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. It brings 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.

In UAE, payment gateway is provided only for those who owns a business or run a reputed website/ app. Payment gateway will not be provided for the individuals, merchants who run a business without a website.

Foloosi technology brings a marvelous solution to the above problem and hence 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