In response to growing consumer demand for contactless payment, innovative fintech enterprise PayBy has unveiled a suite of revolutionary point of sale (POS) payment solutions for the UAE retail sector. Several leading retailers have signed up, including the Middle East’s top OmniChannelelectronics retailer Jumbo Electronics. Smart Code, PayBy’s QR code-based contactless payment solution for merchants, is now operational across all15Jumbo Electronics stores in the UAE.
Small businesses, even those with POS machines, can integrate Smart Code to reach more customers without any capital expenditure. All they need to do is to apply to become PayBy merchant, and print out the PayBySmart Code code and display it at the cashier.
Secure, smart and simple to use by shoppers, they can pay for goods and services using the PayBy app on their smartphones at merchant outlets. Jumbo customers simply scan the QR code displayed on the cashier counter in their PayBy app. After entering the bill amount, they confirm payment by entering their password or facial recognition. The contactless transaction is thus completed quickly and easily, without any exchange of cards or cash.
In the Covid-19 era, contactless payments have seen a surge in popularity. According to research from global market intelligence provider Statista, the value of contactless transactions is set to nearly double the digital payments business from $4.4 trillion in 2020 to $8.26 trillion in 2024. Of this $1.47 trillion worth of transactions will take place in the mobile point-of-sale (POS) payment channels in 2020. Digital mobile POS payment is expected to jump to $4.15 trillion by 2024. The number of users of mobile POS solutions is expected to surge to 1.74 billion by 2024.
Pankaj Kumar, Head of Jumbo OmniChannel Retailcommented: “Jumbo Electronics has been consistently working through the pandemic to offer a unique experience for our customers. Contactless payment is faster, safer and the need of the hour, so our partnership with PayBy is another step to offer additional value to our customers. PayBy’sPOS solution was easily and swiftly integrated with existing payment infrastructure. We look forward to seeing Smart Code from PayBy generating value for our customers.”
Supporting the UAE’s retail sector during a challenging time, PayBy has empowered merchants with customized solutions to suit their needs, grow their customer base and capture lost business opportunities. PayBy has customised payment solutions for different businesses – hypermarkets, baqala stores, restaurants and malls, as well as online retailers and retail apps. The POS solutions can be installed without any setup or monthly fees, and with lower transaction fees than existing solutions.
For instance, Abu Dhabi’s baqala stores have benefited from PayBy Smart POS devices that enable merchants to accept cash-In payments. PayBy’s QR Code-based contactless solutions are supporting UAE retail businesses as they transition to recovery in the wake of Covid-19.
