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Wio Bank, the region’s first platform bank, has partnered with enterprise financial infrastructure platform Stripe, which will allow SMEs in the UAE to access the power of e-commerce faster, easier and more conveniently.
Through this partnership, Wio Business, Wio’s first digital banking app, will enable SMEs (Small and Medium Enterprises) and freelancers, who previously had difficulty obtaining payment products, to enter e-commerce faster and in an easy-to-use manner. Create a Stripe account.
This will enable them to activate their e-commerce business through the payment gateway and receive payments instantly. Wio Business and Stripe ensure easy onboarding and simple pay-as-you-go pricing model.
Users can quickly register on the Wio Business app and set up payment gateways to optimize payments within minutes.
More digital commerce
Jayesh Patel, CEO, Wio Bank, commented: “Our vision is to facilitate more digital commerce while removing as much friction as possible for our customers. The opportunity, necessity and competitive advantage in the world, and working with Stripe is a natural way to accelerate this goal.”
To date, accepting online payments from the UAE has required a cumbersome onboarding process that takes a significant amount of time and investment for businesses to complete, with most vendors requiring in-person onboarding. Stripe’s fast and secure online setup via Wio will open the doors of the internet economy for UAE companies.
Girard Moussa, Head of Stripe UAE, said: “The UAE is a global hub for tech talent. Yet too many companies still face challenges when trying to accept payments, make payments and manage the finances of their internet businesses. We are delighted to be working with Wio to help eliminate these challenges. Complexity, so businesses can focus on what makes them different.”
Set up payments in minutes
Wio Business is creating a more accessible and transparent path for SMEs to get paid faster. Soon, Wio users will be able to send payment links to their customers with a few taps.
Stripe onboarding will be embedded into the app, meaning users can create a Stripe account and start sending payment links to customers — making it easier for SMEs to manage their finances and get paid faster.
Optimize invoices for fast payments
The Wio Business app will allow freelancers and micro businesses to link their invoices directly to payments.
Users will be able to send invoices to their customers and trigger payments directly through Payline, ensuring a seamless invoice payment user experience translating into higher conversion rates, just by writing a few lines of code from Wio.
Full-featured Dashboard
Wio Business customers can also easily track and control payments through their Stripe dashboard. Plus, they can download pre-built reconciliation reports for simpler and more efficient closing.
Digital Banking App
Almost one in five individual customers has a digital bank account in the UAE, and this number is expected to double in the next few years. However, digital banking for SMEs is still in its infancy, and customers mainly rely on physical branches to open accounts and conduct business transactions.
Wio Business launches in UAE in September 2022. Partnering with Stripe is an important step in the neobank’s promise to simplify the process for SMEs and freelancers to manage their finances and get paid faster.
As the first platform bank in the region, Wio is ushering in a new era of digital banking in the UAE and the region, aiming to transform the banking operating model into a more digital future.
It will continue to roll out new propositions that simplify the use and acquisition of money, leveraging new technologies and capabilities to deliver smarter, personalized and contextualized experiences. — trade arab news agency
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