Telecommunications firm, du has boosted its financial services offering with the launch of du Pay, reflecting the latest crossover between fintech and telecoms.
Licensed by the Central Bank of the UAE, du Pay will offer a range of digital financial services and payment options, from international money transfers and peer-to-peer (P2P) Transfers to mobile top-ups and bill payments.
It will also support salary deposits through an IBAN, while its features will come in six languages – Arabic, English, Hindi, Bangla, Malayalam, and Tamil – as it looks to target a varied user base across the UAE.
Through du Pay, the firm is aiming to tap into an extensive market with $39.7 billion in outward international money transfer volumes from the UAE. Additionally, the digital payment sector is expected to reach $3.3 trillion in payment services by 2031.
The announcement comes as fintech and telecommunications firms increasingly realise the potential to combine markets. In February, Revolut said it was expanding its services to include phone plans, signalling another strategic move in its evolution towards becoming a super app. This enabled UK customers to install a single eSIM fully digitally, making it the first financial institution in the UK to offer eSIMs and global data plans within its app.
Elsewhere, Fintech company Bling recently joined up with Deutsche Telekom to introduce phone plans via e-sims while Western Union became the latest major brand to launch an eSIM mobile data service using eSim GO’s Powered by Breeze solution.
