Saudi Arabia’s PayTabs and UAE-based MBME Pay have teamed up to launch a new app, Govera, to make bill payments in the Emirates easier.
The all-in-one payment application allows users to pay everything from utility and telecoms bills to Salik tolls and even buy iTunes vouchers.
“We believe in making people’s lives easier and providing them with all the convenient ways possible for that … especially during the difficult time we are all going through,” said Abdelhadi Mohamed, chief executive of MBME Pay, which was founded in 2007.
Govera is compatible with both iOS and Android operating systems. It is currently available only in English, but an Arabic version will be released soon and expanded across the Gulf.
“It is the latest, fastest and easiest payment platform in the region, just one tap away,” Mr Mohamed said. The app is free to download and can be connected to a debit or credit card for payments.
FinTech companies, which focus on lowering transfer fees and reducing transfer times, are increasingly competing with conventional banks as they disrupt money transfer and currency exchange operations.
More than 92 per cent of people in the UAE use smartphones, presenting a substantial opportunity for FinTech companies to thrive. This is particularly notable in the mobile payments sector, which is set to grow in the UAE at a rate of 30 per cent, year on year, McKinsey forecast.
“They say in business, timing is everything,” Abdulaziz Al Jouf, chief executive and founder of PayTabs, said.
“The new app will ensure safety of transactions and create convenience for millions of subscribers ... we welcome you to add your school, restaurant or business to the app,” he said.
Globally, more people are embracing contactless transactions as their preferred form of payment.
The contactless payment market size worldwide is expected to grow to $18 billion (Dh66.1bn) by 2025 from $10.3bn this year, surging at a compound annual growth rate of 11.7 per cent, research aggregator MarketsandMarkets reported.