Paymentology, a global issuer-processor, has teamed up with Wio Bank, a UAE-based digital bank, to upgrade its banking model with card payment services.
Wio Bank will use Paymentology’s cloud card issuing platform and data analytics capabilities to launch financial products “quickly and at scale”, for businesses and consumers.
The bank, launched in 2022, provides digital financial services, such as issuing physical and virtual cards, for SMEs.
Together, the two companies aim to remove friction for SMEs, entrepreneurs and freelancers, enabling them to open a business account immediately.
Paymentology will facilitate a range of card services for Wio Business, the bank’s digital banking app, including Visa debit cards, Apple and Google Pay, and card personalisation services.
Paymentology will also provide a real-time data feed that provides “granular customer spend insights” to help Wio continually improve its services.
Jayesh Patel, chief executive officer of Wio Bank, commented: “At Wio Bank, our mission is to reboot banking in the region, and that requires partnering with like-minded companies that have the capabilities to support integrated platform banking.
“We are thrilled to collaborate with Paymentology, as they share our vision to support small and medium-sized businesses – a vital economic segment in the UAE.”
Rowan Brewer, chief executive officer at Paymentology, said: “The UAE is at the forefront of innovation in digital financial services, and it is making huge strides toward becoming a cashless society in the not-too-distant future.
“At Paymentology, we’re incredibly proud of the role we are playing in supporting fintechs achieve their ambitions in the region with increasingly localised, customer-centric, and data-driven propositions.
“Looking ahead, we relish the opportunity to continue expanding in the Middle East with our esteemed clients, like Wio Bank, that are spearheading digital transformation and ultimately changing the way we bank and pay.”
The news comes as the financial sector in the UAE continues to transform, led by increasing consumer demand for digital products and services.
Research from Visa shows that 52% of consumers in the Emirates plan to go cashless by 2024, compared to 41% globally.
Meanwhile, 96% of small and micro businesses surveyed by Visa said that accepting new forms of payments is fundamental to their growth.