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Payments

INVESTBANK and NymCard Bring Jordan’s Payments Ecosystem to the Future with New Digital Payments App “YAP”

With contactless payments becoming a necessity in the age of social distancing, INVESTBANK is rolling out YAP, a mobile payments app.  

Powered by NymCard, the leading modern payment issuing and processing platform in the MENA region, users are now able to link their INVESTBANK Visa credit and debit cards to the YAP digital wallet and enable contactless payments using their Android smartphones on any NFC enabled POS in Jordan or around the world. 

NymCard’s technology provides YAP users with a secure experience by creating a short-term randomly generated number known as a token, which is used at checkout. That keeps credit and debit card information safe and protected during transactions.

INVESTBANK and NymCard are partnering to bring contactless payments to a region that has long relied on cash and antiquated payment processing systems. While mobile usage is high in the Kingdom and digital wallets do exist, it has not been adopted yet by the masses. According to the Central Bank of Jordan, there were 461,355 e-wallet users as of the start of 2019 but only 20% were active. Experts point to a lack of understanding about mobile wallets as one of the reasons behind the low adoption rate.

“The future of digitizing payments is now, and there are significant opportunities for innovative fintech companies, financial institutions, and Banks in the MENA region to leverage the power of the internet and mobile phones to help eradicate the current legacy infrastructure,” said INVESTBANK’s CEO Mr. Muntaser Dawwas

Yap also comes to Jordan at a time when the need for contactless payments is on the rise as COVID-19 continues to spread across the globe. Jordanians may have been spared from this coronavirus but it won’t be the last pandemic to devastate the world. In the era of social distancing, being able to pay via a smartphone is becoming more appealing, particularly when Jordanians are traveling abroad. It also ensures a quick and convenient way to make purchases without having to carry a payment card.

After downloading the YAP app, users will have to add their INVESTBANK card and verify their identity via an SMS text. They are also required to set up a passcode or fingerprint scan to make payments. YAP supports multiple INVESTBANK cards, offering the users flexibility to select and pay with any type of cards at checkout. To get around instances when an Internet connection is spotty in the MENA region or abroad, YAP also enables offline payments. Customers are able to make a limited number of offline transactions every month. 

The need for frictionless payment experiences is now more critical than ever. YAP, powered by NymCard, brings Jordan into the future of payments while providing a fast, safe, and reliable modern digital experience. Fueled by a suite of innovation, YAP provides satisfaction to its users in anticipation of continuous improvement and the addition of more beneficial features.

About NymCard

NymCard is a modern payments issuing and processing platform in the MENA region. With its cloud-based, open API, Nymcard’s platform enables financial institutions, corporates, and fintechs to deploy and launch virtual, plastic and tokenized cards in as little as 8 weeks. The highly customizable platform supports any current and future payment experience. 

For inquiries, please contact:
Regina Abu Shakra
pr@nymcard.com

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Payments

NymCard moves its headquarters to Abu Dhabi to tap into the growing MENA fintech ecosystem

NymCard, the modern cloud-based card issuing and processing platform, today announced that it has relocated its headquarters to Abu Dhabi to support its regional expansion plans. The startup that was founded in Beirut and has been enabling the next generation of payments in the Middle East & North Africa is now operating from ADGM Square in Abu Dhabi.

It was selected to be part of Hub71, a thriving global tech ecosystem located in the heart of Abu Dhabi that brings together key enablers for startups to succeed. Hub71 currently has about 50 startups as part of its growing network. 

Omar Onsi, CEO and Founder of NymCard, said, “Abu Dhabi has all the makings of a great fintech ecosystem and we’re very excited to be a part of it. Our headquarters in Abu Dhabi brings us closer to our customers, tech startups, and payment innovators looking for different types of modern payment solutions. We’re very honored to have been selected by Hub71 and are grateful to their team for the support they’ve extended to us for relocating our regional operations to Abu Dhabi.”

The move will also help NymCard to work closely with ADGM’s Financial Services Regulatory Authority as it makes progress towards becoming a fully licensed and regulated fintech, serving the wider MENA region.

The UAE is already home to some of the leading fintechs of the MENA region with multiple established international players also opening their offices in the country. It is also seeing a large number of new fintechs being created by aspiring entrepreneurs to serve individuals and businesses across the Middle East and North Africa. 

NymCard is well-positioned through its next generation, innovative platform to work with the regional fintechs, corporates and financial institutions, helping them create and manage their payment programs to create world-class experiences and enable new modes of commerce.


About NymCard

NymCard is a modern payments issuing and processing platform in the MENA region. With its cloud-based, open API, Nymcard’s platform enables financial institutions, corporates, and fintechs to deploy and launch virtual, plastic and tokenized cards in as little as 8 weeks. The highly customizable platform supports any current and future payment experience. 

For inquiries, please contact:
Regina Abu Shakra
pr@nymcard.com

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Payments

INC Iraq launches the first digital payment card ‘Neo’

Iraq-based International Network for Cards and Digital Payment Services (INC Iraq) and NymCard that is digitizing how payments cards are issued, delivered, and used, in collaboration with Visa have launched the first digital-only (prepaid) payment card ‘Neo‘ in Iraq to serve the underbanked Iraqi population, the two companies announced in a joint-statement to MENAbytes.

The virtual card that can be requested through Neo’s mobile app within seconds will enable users to make online purchases on both local and international websites. The entire KYC process is digital. Neo’s mobile application (available for both iOS and Android) comes with a mobile wallet that allows users to keep an eye on their expenses.

The users can recharge their topup their Neo wallet through INC Iraq’s network of offline agents and then add the money from wallet to their card. A company representative, speaking to MENAbytes, said that INC plans to have 2,500 agents in its network within 12 months.

Neo also plans to launch a plastic (physical) travel card within the next few weeks.

INC Iraq CEO Zaid Fawzi, commenting on the launch, said, “Iraq is a ripe market for innovative financial services, with a highly educated population. Most people are on a 3G connected smartphone but lacks access to a bank account and an internationally accepted payment method. Iraqis still travel with bags full of cash and rely on few available gift cards to purchase online – we are determined to change all of that.”

“Neo is powered by NymCard – A fintech based in Lebanon. Leveraging NymCard’s platform, we are able to launch virtual Visa cards directly to our users’ mobile phones within seconds, and couple them with a plastic companion travel cards if they wish so. All of this without the need to visit a bank branch. Programs like this help the underbanked population get a foothold in the financial system and become part of the wider digital economy,”

NymCard’s co-founder Omar Onsi, who has previously founded and led some other startups as well, said, “The MENA region underbanked population is one of the highest globally. By enabling incumbents and financial start-ups to issue and process digital payments, we envisage the MENA underbanked leapfrogging legacy payments technology.”

“With the under- and unbanked MENA population at such a high level, there’s a significant opportunity for innovative fintech companies, financial institutions, and Banks to leverage the power of the internet and mobile phones to help eradicate this problem,” he added.

Mario Makary, Visa’s Country Manager for Iraq and Lebanon, said: “We are proud to collaborate with NymCard in Lebanon and the International Network for Cards and Digital Payments Services in Iraq to launch Neo card that will help us offer a secure and convenient payment option to the underbanked population in Iraq. Fintechs continue to be key enablers around the world in helping to expand access to electronic payments and opening new acceptance.”

“Visa is a natural partner because we can bring global scale, a recognizable brand, security, reliability and sophisticated capabilities. This partnership is a testament to a how we are working with our partners to launch innovative and secure payment products and help address market needs while offering more enriching and rewarding experiences to customers,” he added.

Alex McCrea, Visa’s Head of Fintech & Strategic Partnerships in the Middle East & North Africa region, said, “Fintechs are redefining payments and are creating exciting new customer experiences. We are doing everything we can at Visa to partner with fintechs to help them launch and scale.”

“Earlier this year, Visa launched our FinTech Fast Track program that offers rapid and easy access to the power of Visa’s network as well as licensing and commercial support. The global program is open to FinTechs in the Middle East as well as in Europe, Africa, Latin America, Asia Pacific and the United States with the aim of helping to develop and accelerate the digital payment solutions of the future,” Alex added.

About International Network for Cards and Digital Payments Services (INC)

Registered in Baghdad – Iraq, INC is authorised by the Central Bank of Iraq (CBI) under the electronic payments regulation, and a licensed Visa issuer.

About NymCard

NymCard is a modern payments issuing and processing platform in the MENA region. With its cloud-based, open API, Nymcard’s platform enables financial institutions, corporates, and fintechs to deploy and launch virtual, plastic and tokenized cards in as little as 8 weeks. The highly customizable platform supports any current and future payment experience. 

For inquiries, please contact:
Regina Abu Shakra
pr@nymcard.com

About Neo

NEO is a payment card launched by International Network for Cards and Digital Payments Services (INC)

For more info, visit: www.neo.iq

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