By: 25 June 2024

The licence enables Pyypl to directly issue prepaid Visa cards from its UAE headquarters

Pyypl announces its principal membership with Visa

Pyypl, a company in the Middle East and Africa (MEA), has announced its Principal Licence Membership and strategic framework agreement with Visa. 

The partnership with Visa is a testament to Pyypl’s mission to democratise access to financial services, its innovative business model and the large market opportunity – as well as highlighting Visa’s trust in Pyypl to accelerate financial inclusion.

The Principal licence also enables Pyypl to issue virtual and physical prepaid Visa cards, through its accessible mobile application, directly to its hundreds of thousands of active users – elevating its users from cash, mobile money and being financially underserved to the world of digital payments.

The Strategic Framework Agreement further recognises the licence approval process in other markets that Pyypl is entering. With the support of local regulators, Pyypl is able to provide access to prepaid Visa cards in these markets, fast-tracking financial inclusion across the MEA region.

This marks the latest innovation in Pyypl’s transformational consumer offering and accelerates Pyypl’s international expansion by enabling, over time, the Company to offer prepaid Visa cards on a pan-regional basis. 

The partnership is aligned with Visa’s growth and innovation strategy of enhancing access to capabilities for 850 million digital natives across MEA.

Antti Arponen, chief executive officer and co-founder of Pyypl, commented: “We are excited to announce our partnership with Visa. Our payments ecosystem has multiple benefits for Visa and will accelerate the provision of financial services to the vast population of underserved digital natives in the region. Working closely with Visa and local regulators in new markets, we are focused on growing Pyypl’s presence and contributing to advancing financial inclusion across the region.”

“We are delighted to welcome Pyypl to our mission of advancing financial inclusion,” says Hasan Kazmi, vice president, head of strategic partnerships and ventures – CEMEA, Visa. “We believe in empowering underbanked consumers by providing them with innovative, secure payment solutions.  This not only gives them access to the digital economy, but also helps them thrive in this increasingly digital age.”

Pyypl is one of the fastest growing fintechs in MEA, with an industry-leading management team with unrivalled experience in the region. Powered by 100% proprietary technology, unlocking breakthrough consumer capabilities and sustainable growth, Pyypl is now operational in multiple markets across Africa and the GCC.

Pyypl is succeeding in its mission to be the leading one-stop fintech ecosystem for consumers, seamlessly and across borders. Pyypl’s purpose-driven approach aims to offer transformational financial services to 850 million financially underserved smartphone users across Africa and the Middle East in a single app – via internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers as well as remittances to 80 countries.

This is Visa’s second recent partnership announcement, following their teaming up with Pay.UK.

Images: Visa, Pyypl

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.