PayBy: helping the UAE’s underbanked
In an announcement made by PayBe, the innovative fintech company has launched its new AI-powered Know Your Customer (KYC) process in the UAE. The process is 100% paperless, taking 30 seconds to complete by removing the need for extensive documents and in-person visits or video calls.
Used to assess customer risk inline with guidelines from the Central Bank of the UAE, a KYC is also used to track financial information and activity as an anti-money laundering (AML) regulation.
“PayBy’s eKYC replaces existing manual and cumbersome processes with a safe, contactless and convenient solution for businesses and customers. Driven by AI with a human interface for back-end support and verification, eKYC only requires the customer’s Emirates ID to be uploaded,” commented PayBy.
PayBy’s new eKYC process can be completed on any smartphone and is not restricted by hardware functionality.
With 39% of UAE adults currently underbanked and struggling with conventional processes, Payby’s new AI powered verification process is said to enable quick and easy authorisation, removing barriers to digital payment for the underbanked.
“PayBy is also leveraging a strategic partnership with the UAE’s largest bank First Abu Dhabi Bank to ensure greater financial inclusion. PayBy can be used for e-commerce transactions, cashless payments, withdrawals and peer-to-peer transfers. PayBy leverages the UAE’s high rate of smartphone penetration (91%), to support the transition to a cashless society, in line with the UAE’s Vision 2021,” added the fintech company.
With KPMG’s ‘UAE Banking Perspectives Report 2020’ identifying a rise in Open Banking posing fraud risks, PayBy reports that its smart and efficient solution could help to mitigate the risks posed by digitalisation, including: online identity fraud and account takeovers.