Wio Bank PJSC launches SME-friendly banking services in UAE with Paymentology

PaymentCard issuing platform and analysis capabilities to support Wio Bank as it rolls out financial services across the UAE.

Global Publisher-Processor Payment has joined forces with Wio Bank PJSC, the region’s first platform bank, to support its latest banking model by offering customer-centric card payment services in the UAE.

Wio Bank PJSC is leveraging Paymentology’s cloud-based card issuance platform and data analytics capabilities to launch financial products at scale, providing modern digital banking solutions to businesses and consumers.

Paymentology is an integral part of enhancing the Wio Business offering, Wio Bank PJSC’s first digital banking application tailored for Small and Medium Enterprises (SMEs). The bank offers streamlined digital financial services such as issuing physical and virtual cards for small and medium-sized businesses, a segment that has historically relied on physical branches to open accounts and conduct business transactions.

Two companies work together to eliminate friction Chronically Underserved SMEsentrepreneurs and freelancers, enabling them to open business accounts instantly, avoiding waiting times and enabling them to use the service via physical and virtual cards.

payment card service

Paymentology provides Wio Business with various card services through its platform, including visa debit card, apple to pay, Google to pay and card personalization. Additionally, Paymentology provides real-time data feeds, revealing granular customer spend insights to help Wio continuously improve its propositions.

Jayesh PatelCEO of Wio Bank PJSC commented: “At Wio Bank PJSC, our mission is to restart banking in the region, which requires partnering with like-minded companies capable of supporting integrated platform banking.”

“We are delighted to be partnering with Paymentology as they share our vision of supporting SMEs – an important economic sector in the UAE,” continued Patel. “This partnership will allow us to offer Wio Business customers a comprehensive payment card service and gain valuable insights to better meet their needs.”

also, rowan BrewerCEO of Paymentology, explained how the UAE is “at the forefront of innovation in digital financial services and is making big strides towards becoming a cashless society in the near future.”

“At Paymentology, we are incredibly proud of the role we play in supporting fintech companies in realizing their ambitions in the region through increasingly localized, customer-centric and data-driven propositions,” he continued.

“Going forward, we welcome the opportunity to continue our expansion in the Middle East with our esteemed clients such as Wio Bank PJSC who are leading the digital transformation and ultimately changing the way we bank and pay.”

Financial Services Development in the UAE

The announcement comes as the UAE’s financial services industry continues to undergo rapid transformation, driven by growing consumer demand for digital products and services.

Visa investigation According to the report, 52% of consumers in the UAE plan to go cashless by 2024, compared to 41% globally.

Meanwhile, 96 percent of small and micro businesses (SMBs) surveyed by Visa said accepting new payment methods is critical to their growth. Paymentology’s partnership with Wio will first help banks support this need and provide consumers and businesses alike with a variety of innovative payment options.