Mbank and Dgpays Partner on Digital Wallet in UAE

Al Maryah Community Bank (Mbank) and Dgpays Group have partnered to offer a digital wallet in the United Arab Emirates.

The collaboration brings together the capabilities of Mbank’s digital bank and Dgpays’ FinTech platform to help business owners, entrepreneurs and freelancers integrate digital payments into their businesses, the companies said in a Tuesday (April 18) press release.

“Our goal is to provide businesses with a simple and secure platform that enables them to offer a complete range of financial services to their customers, by offering a digital wallet in dirhams to facilitate the electronic payment process for all segments of society, including individuals and companies,” Al Maryah Community Bank CEO Mohammed Wassim Khayata said in the release.

PYMNTS research has found that the UAE is home to a young, vibrant and mobile-first eCommerce market in which 65% of shoppers used their phones in some capacity during their most recent retail journeys, whether shopping in-store or remotely online.

The share of UAE consumers using their phones to do things like check product reviews, pay via mobile wallet, track eCommerce orders or use navigation apps to locate products in-store is greater than the share doing so in Australia, Brazil, Mexico, the United Kingdom or the United States, according to “The 2022 Global Digital Shopping Index: UAE Edition,” a PYMNTS and Cybersource collaboration.

The digital wallet created by the partnership of Mbank and Dgpays will enable businesses to offer financial services to their customers and meet consumers’ growing demand for digital products and services, according to the press release.

“We are confident that together, we can expand our reach and provide businesses across the [Middle East and North Africa (MENA)] region with the best-in-class financial solutions they need to succeed in today’s digital economy,” Dgpays Group CEO and founder M. Serkan Omerbeyoglu said in the release.

In other recent partnerships formed to serve customers in the UAE or the MENA region, Astra Tech and Mastercard teamed up to issue digital and physical cards in MENA, Mashreq and i2c collaborated to offer digital payment solutions in the UAE, and Ooredoo and Huawei partnered to offer a mobile money platform in MENA.

For all PYMNTS B2B and EMEA coverage, subscribe to the daily B2B and EMEA Newsletters.