eFatoora, a paperless solution using unique technology and smart contracts , has partnered with PayTabs, a Bahrain-based company that processes payments securely and efficiently, to deliver end-to-end payments in the UAE, collaborating to build a secure, seamless payment platform to enhance the user experience in the UAE.
As part of eFatoora’s business expansion, eFatoora today announced that they had strategically aligned with PayTabs, MENA’s trusted payment solutions firm, to enrich the user experience by developing an agile payments platform. This hallmark agreement will see eFatoora not only leading the way in the government and retail sectors but venturing into the fintech platform which connects diverse economic segments.
The move comes at the opportune time as a significant segment of the UAE population is seen to be relying less on cash payments. UAE consumers are increasingly living in a cashless world and abandoning paper bills and coins in favour of secured electronic transactions. This trend has caught on not only in essential everyday transactions but in utility bill payments and premium purchases too. The UAE consumer behaviour is focused on convenience of transactions, and an added layer of security no doubt creates an enhanced end user experience. The latest figures released last year by Euromonitor shows that UAE consumers spent AED 216 billion (AED 40 billion worth of cash transactions) on goods and services using credit/debit and prepaid cards. These figures account for 45 percent of all sales around retail and other business outlets locally. It is estimated that by 2020, e-transactions will take over a little more than 50 percent of the remaining market. By 2020, it is estimated that paper money will represent only 27.8 percent of all purchases, down from 31.7 percent in 2017 (Euromonitor).
eFatoora is proud to follow the footsteps of our founding father, H.H Sheikh Zayed bin Sultan Al Nahyan, in promoting environmentalism.
“eFatoora is proud to follow the footsteps of our founding father, H.H Sheikh Zayed bin Sultan Al Nahyan, in promoting environmentalism. Our aim, mission and vision for a sustainable environment and community leads us to valuable alliances with key players and partners in the market who share the same vision and values. We have launched prototypes and tested demo sessions to engage with consumers and understand the market. It is not always about launching another platform, but it is about those little ‘use case’ scenarios and being able to understand what the end user wants. eFatoora has invested effort in over two years of R&D before launching the parent company in March 2017 and with blessings of the UAE government and strong strategic pillars, we stay committed to our ethos. We believe our valuable partnership with PayTabs will further expand our market reach in the UAE and the region to provide our end users with a secured payment portal, completing the full cycle of a monetary transaction,” said Yasmine Khan, CEO/founder of eFatoora, Dubai, UAE.
Under the patronage of His Highness Sheikh Saeed Al Maktoum, eFatoora offers an effortless smart shopping solution and e-document solution aligned with key government partners in the UAE. With a mobile application, eFatoora provides digital receipts, and for those without a smartphone, digital receipts can be uploaded to the dedicated web portal or existing NFC, QR or barcode and loyalty cards. eFatoora promotes the sustainable version for any paper transaction and is strongly assisting the paperless vision of 2021 announced in April 2017 by Crown Prince of Dubai HH Sheikh Hamdan bin Mohammed Al Maktoum. eFatoora was ranked number 1 of the top 10 startups to watch out for by the GITEX Future Stars 2017 and short-listed as a top 50 company by Etisalat, telecom leaders in the UAE. eFatoora provides a convenient platform for its consumers and end users to keep all their receipts in one place while ensuring we are environmentally responsible and creating a sustainable society. While the software caters to end users and lets them use the application even if they don’t hold a smartphone, the hardware can be integrated with any retailer POS with zero disruption via existing third-party interfaces or alternatively via bespoke development. The eFatoora application contributes significantly in reducing carbon footprint as millions of tonnes of paper is wasted in printing unwanted receipts and documents. eFatoora is a turnkey management system that complements efforts of Vision 2021. Further developing the platform, eFatoora has invested heavily on blockchain technology and smart contracts with sister company e-Mal. e-Mal and eFatoora combined support the UAE’s Smart City Vision, creating an end-to-end payment portal while storing receipts for end users, thus creating an ecosystem within the e-commerce, government and private sectors.
PayTabs is a Bahrain-based company that processes payments securely and efficiently. It was founded by Saudi entrepreneur Abdulaziz Al Jouf. PayTabs caters to small, medium and large enterprises via different business models. PayTabs offers clients services to seamlessly “plug and play” various features on to their websites. It also creates instant online stores using a tool known as API plugins. It prides itself on offering simple and fraud-busting invoicing services for merchants and professionals. PayTabs was recently awarded the title of “Fintech Company of the Year 2018” at the prestigious Arabian Business Achievement Awards. With a global presence and dedicated offices in Saudi Arabia, Bahrain, UAE, India and the Philippines, PayTabs is fast emerging as the preferred payment solution company for businesses globally.
“PayTabs continues to enjoy a successful journey throughout the GCC and Asia market with valuable partner networks. Though global in outlook, we are local in our product and service offerings and add to the respective organization’s income models by catering to their specific requirements. Our core values, integrity, passion and accountability keep the team working diligently with our partners to support their business models while engaging closely with market sentiments. We believe our collaboration with eFatoora in UAE will enhance our expansive partner network and this collaboration will complement the nation’s strategic vision towards a “Smart and Paperless City.” Not only will the partnership boost transactions for the consumer and retail base, but will also serve as a secure payment validation channel for consumers and retailers within the eFatoora platform,” said Abdulaziz Al Jouf, CEO, and founder of PayTabs.