Pyypl, the Middle East and Africa (MEA) based payment technology and financial services company has entered into a new strategic partnership with Visa, the world leader in digital payments, to support emerging markets.
As part of the strategic partnership agreement which is valid across the Middle East, Pyypl and Visa will jointly work to promote financial inclusion across emerging markets. Further, the deal will see collaboration on payment accounts in three separate phases.
In the first phase, the firms will join for the card issuance of Pyypl, the second stage will bring Visa developer APIs, and in the final level Visa Direct, scan-2-pay, and other innovative products and solutions will be deployed.
The strategic partnership will give Pyypl access to Visa’s international network and expertise in payment solutions. Through the collaboration, Visa will benefit from Pyypl’s regional expertise and innovative technology platform.
Pyypl offers digital payment solutions for smartphone users, to transact online, without the need for a bank account or credit card. The international payment technology company gives new levels of security and compliance by strengthening smart contracts, hardware encryption, and machine learning.
Visa is the world’s leading digital payments solution provider and it gives products, services, and infrastructure to support global commerce via fintech, financial institutions, merchants, consumers, businesses, and governments.
“We are delighted to welcome Visa as a new partner. Visa is globally renowned for its strong industry experience and innovative financial services. Through partnering with Visa, we are looking to take another step forward in promoting greater financial inclusion across the MENA region.”
Otto Williams, Senior Vice President, Head of Partnerships, Innovation and Digital Solutions for Visa in CEMEA said that “As money management becomes increasingly digital, fintech play a pivotal role in helping to restore and rebuild the global economy through these challenging times. It’s thrilling to see fintech partners such as Pyypl utilize our programs and network to digitize financial services and improve the lives of the consumers and businesses they touch.“
Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) and it also conducts real-time Politically Exposed Persons (PEP) and sanctions (both country and individual) screening against latest and historical UNSC, USDT, FATF, OFAC, and EUCFSF records, as well as all local databases.