Online payment system Jollypay has received a license to operate in the United Arab Emirates (UAE), and it’s one of the first foreign companies to do so, according to a release.
Jollypay is the payment arm of Jollychic, a shopping platform. It was started in 2017 to aid in the company’s creation of a payment and services endeavor.
The UAE government recently decided to let foreign companies registered in the UAE’s 122 business sectors have 100 percent ownership, and that initiative was a catalyst for Jollypay’s further integration into the country’s financial system.
The move could help Jollypay potentially become one of the most popular payment options for smartphone users and developers in the country and beyond.
“Our long experience in the Arabic market, specifically in the UAE with Jollychic, has given us the push to develop more technical mechanisms to serve the Arab and Emirati user and to provide easy and secure e-payments,” said Jollypay Chief Operation Officer Liu Yang. “In cooperation with the GCC and local governments to develop this technology, we will transform UAE society into a ‘cashless society’ by building a new financial ecosystem in the Middle East.”
The Jollypay platform was built by a team that has a variety of backgrounds, including multinational banks, online payment companies, digital financial companies, bank security operations and other specific payment-related organizations.
Mercury collaborated with Al Fardan Exchange and introduced the Payez payroll card to participants of the UAE’s Wages Protection System (WPS). Al Fardan Exchange’s WPS customers can now more easily access wages, use Mercury point-of-sale (POS) terminals and access cash from Mercury ATMs through the use of the Payez payroll card, the companies said.
WPS is a digital salary transfer system supporting the payout of wages through authorized agents, approved by the Central Bank of UAE, including banks, money exchanges and financial institutions.