(MENAFN- Emirates News Agency (WAM)) ABU DHABI, 30th March, 2020 (WAM) -- PayBy, an innovative fintech company, has officially launched its mobile payment services in the UAE on Monday.

In partnership with the First Abu Dhabi Bank, FAB, PayBy offers a secure payment solution that is superior to cash and payment cards.

The new payment solution will allow consumers to use their smartphones to make contactless and cashless payments in physical stores. They will also be able to pay for deliveries on arrival, order goods and services online, transfer and receive money instantly, and share cash gifts with family and friends, all via smartphone.

PayBy also offers Point Of Sale, POS, solutions for every type of business in the UAE. The service will support local businesses and help them reach a wider consumer base immediately.

All financial transactions on PayBy are well protected by leading and proven technologies, including an AI-based fraud management system to detect unauthorised activities, in strict accordance to Payment Card Industry Data Security Standard, PCI-DSS.

PayBy's launch partners include the Lulu Hypermarket and Express, Baqalas (grocery stores), and such popular instant messaging platforms as Botim and ToTok. PayBy services will be made available through all these partners, and consumers will also be able to download the PayBy app directly onto their smartphones in April 2020.

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