Foloosi Digital Wallet UAE

Regardless of whether it was an internet browser that recollected that you credit card or a millennial customer purchasing an espresso with their cell phone, chances are you’ve most likely run over some type of Digital wallet amid your shopping in the previous year. Digital wallets are proceeding to pick up footing all inclusive just as in the Middle East and it’s gradually changing the manner in which we consider payments.

In this blog we are going to see about digital wallet and what’s happening in the right now that may lead to a digital wallet revolution in the coming years.

What is a digital wallet?

·         An application on the mobile phone that processes electronic payments

·         A mobile device that has a secure element associated with it that allows important financial and personal data to be stored on the phone

·         A service that lets users integrate payment, loyalty, account history, and financial instruments all in one application

·         A service that is usually targeted to cardholders, although some offers do focus on merchants

A digital wallet is basically precisely what it sounds like: a “wallet” that lives on an digital platform, (for example, a cell phone or internet browser) rather than in your pocket or tote. The innovation gives an advantageous method to arrange your installment strategies and eventually pay for merchandise and ventures without the need to convey anything over your cell phone.

How do digital wallets work?

A customer can utilize all of their stored information simply by opening an app on their phone, entering in a PIN, password or fingerprint and then selecting the information they need to access. The app then utilizes information transfer technology such as Near-Field Communications (NFC) to interact with mobile wallet ready payment terminals.

·         Mobile wallets store your credit or debit card securely

·         They may also store your loyalty cards, coupons, tickets, etc

·         They communicate with terminals using a variety of technologies

That’s where you come in as a small business owner. Without a device that receives mobile wallet information, you won’t be able to take advantage of this increasingly popular payment mechanism.

Source: https://www.foloosi.com/blog/foloosi-middle-east-and-digital-wallet/

Foloosi helps Retail Businesses in UAE

Regardless of whether you’re a substantial endeavor or a private company, Foloosi offers a wide scope of solutions for reevaluate retail and enhance the purchaser experience.

“The capacity to utilize Foloosi at all of the spots they shop online — and now the majority of the spots they shop offline— is the epitome of our decision and association methodologies. This is a genuine success for the customer, the trader and the money related organizations whose cards they are utilizing to support their virtual Foloosi accounts.”

The challenge of digital payments is giving shoppers a generally excellent motivation to bring an end to their old payments habits.

Foloosi has dependably trusted that merchants, and not simply shoppers, must be in charge of digital wallet appropriation. From drug stores and accommodation stores to snappy administration eateries and bistros to claim to fame retail, all shippers are fruitful ground for actualizing a more extensive assortment of payment strategies into regular business encounters. The more traders that do as such, the more purchasers will pursue.

Foloosi said, sees a real opening for consumers to more easily use their accounts in-store to bolster efforts for the retailer to know who’s walking into their storefronts so they can engage with the consumers at a deeper level.

Foloosi provides grade Payments Solutions for all Retail Business

·         Add Payments to your Offline and Online POS

·         QR code has order information and amount

·         With a single tap customers can make payment from Foloosi app scan

·         Ideal for vending machines and billing POS

·         In the case of merchants they can scan customer’s QR code to debit amount

·         Super quick payment to address queuing woes

·         Ideal for quick service restaurants and supermarket

Foloosi helps retailers to accept payments using QR code without the need of any POS machine. Folossi provides the following for the retailers.

·         No payment fee

·         No Setup fee

·         No need of any infrastructure

·         No annual fee

Source: https://www.foloosi.com/blog/category/payment-in-uae/

Simple and Powerful UAE Online Marketplace & Solution

Foloosi is a UAE Fin-Tech startup facilitating consumer-to-business card payments by enabling businesses to display QR code, share Payment Links and API integrations for their customers to pay conveniently.

United Arab Emirates has the highest banking penetration rate in the middle east region. Though in contrary, according to UAE central bank figures (in 2017): 75% of the whole UAE economy is based on cash transactions. Furthermore, compareit4me.com survey (2018) show that 85% of online orders are processed through cash-on-delivery option as a method of payment. Residents need more advanced and modern options in line with the UAE's 2021 vision.

Foloosi will enable a digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi will feature a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.

Foloosi was founded in 2018 and launched its product in the year 2019 that enables simple and easy way to accept, process, disburses payment solution for businesses. It helps businesses by providing payment link, subscriptions and POS software. Foloosi’s payment solutions can be integrated by both web and mobile applications.

We are the only startup in UAE providing many billing solutions facilities and few of them are du topup and bills, Etisalat topup & bill, FEWA, Mawaqif topup, Mawaqif fine, National bond, NOL card, Ajman direct etc.

From ordering food, buying clothes, planning trips, booking movie tickets to finding supply chain partners, e-commerce has become an important part of everyone’s life.

Arrival and integration of chatbots- Artificial Intelligence based has made it possible to facilitate a highly preemptive response to what a customer is trying to find or purchase. No wonder many discussions involving e-commerce site or store development, digital business transformation and mobile application development invariably lay significant emphasis on integrating chatbots to drive customer engagement and deliver enhanced customer experiences.

With the rise of mobile, social and cloud technologies, customer expectations continue to increase. More than ever, they demand seamless and hyper-personalized experiences. For many businesses, customer experience is the new battlefield - a competitive advantage that attracts and retains loyal customers.

With this shift of consumer behavior in mind, we are on a mission to equip online sellers of all sizes with a powerful platform to sell their products in an innovative, frictionless way on social media, messaging apps and the web.

Our conversational commerce solution creates engaging customer experiences and turns digital marketing efforts into direct points of sales.

Our Platform provides

ü  Create personal experiences and quickly answer queries through a unified team-inbox that works across all your channels

ü  Sell products, send abandonment reminders, update users on orders and more through chat

ü  Track your team's success in both customer satisfaction and revenue generated

Thus we aim to help Saudi economy and provide jobs to local Saudi people- marketing, operations, techies and programmers.

Foloosi create values and hence lots of home and social media based businesses need products listing platform with easy integration.

We believe that chatbots will be the next battleground where conversational solutions allow customers to interact with sophisticated responses through popular messaging channels, such as a social media messenger or an IM app, as a new way of communicating with e-commerce platforms and online marketplaces.

We conclude that Foloosi’s main target is to provide payment solution for all financial sectors including small, medium and large Enterprises of kingdom of Saudi Arabia.

Know More: https://www.foloosi.com/qr-code-payment-uae

Foloosi is on the Top 20 Middle East Fintech

The past year has been eventful in the Middle East’s financial services sector. Last year, we saw the Saudi British Bank merge with Al Awwal Bank to create Saudi Arabia’s third largest lender. This came after Abu Dhabi Commercial Bank’s tie-up with Union National Bank and the subsequent takeover of Al Hilal bank as its Sharia-compliant arm in the U.A.E. The Islamic banking sector has also seen the merger of the region’s largest Islamic bank, Dubai Islamic Bank, with Noor Bank, a U.A.E.-based Sharia-compliant lender.

These mergers have reduced competition in an oversaturated banking market and in the long run will improve the profitability of the banking system. Dubai-based investment bank, Shuaa Capital, has also agreed to merge with its largest shareholder, Abu Dhabi Financial Group, to create a $12 billion asset under management firm.

And the region’s payment’s sector saw two large IPOs: one from Finablr, which owns the U.A.E Exchange brand, and one by payments solution giant, Network International. Both are listed on the London Stock Exchange.

This year we have collated two lists to mark this changing landscape: the Fintech 20 which is a collection of the most promising financial technology startups in the region.

Only fintech startups that were founded during or after 2012 were included, and we ranked them according to:

·         Funds raised from external investors

·         Scalability of the business

Name	Description	Founder	Funding	Country
PayTabs	Online Payment Processing Solutions	Abdulaziz Al Jouf	$26 M	Saudi Arabia
Bayzat	Online Health Insurance And HR Solutions Provider	Talal Bayaa And Brian Habibi	$25 M	UAE
Aqeed	Insurance Solutions Platform	Hadi Radwan	$18 M	UAE
Beehive	SME Focused Peer2peer Lending Platform	Craig Moore	$15.5 M	UAE
Souqalmal.Com	Financial Products Comparison Site	Ambareen Musa	$15 M	UAE
Eureeca	Crowdfunding Platform	Sam Quawasmi And Chris Thomas	$12.3 M	UAE
Liwwa	Peer-To-Peer Lending Platform	Ahmed Moor And Samer Atiani	$8.55 M	Jordan
Expensya	Cloud Based Multi-Platform Expense Management Software	Ahmed Moor And Samer Atiani	$5.7 M	Tunisia/ France
NymCard	Payment Solutions	Omar Onsi And Ayman Chalhoub	$4 M	Lebanon
POSRocket	IPad-Based Point-Of-Sale Solutions	Zeid Husban	$2.36 M	Jordan
Sarwa	Robo Wealth Advisor	Mark Chahwan- Jad Sayegh And Nadine Mezher	$1.5 M	UAE
Risk+ Solutions	Financial Intelligence And Risk Management Solutions	Jad G. Doumith And Chadi El Nawar	$1.45 M	Lebanon
Zbooni	Connected Chat Commerce App	Ramy Assaf- Mohamed Hamedi- Ashraf Atia	$1.4 M	UAE
Democrance	Insurance Marketplace For The Underserved	Michele Grosso Alberto Perez And Damian Dimmich	$1.3 M	UAE
Vapulus	E-Payment Gateway	Abdelrahman El Shaarawy- Islam Mousa- Khalid Gabr	$1.065 M	Egypt
Monami Tech	Financial Services	Ammar Afif	$1 M	UAE
Moneyfellows	Crowd Funding From Social Networks	Ahmed Wadi	$980 K	Egypt
PointCheckout	Payment Gateway For Loyalty Points	Bashar Saleh And Tarek Ghobar	$600 K	UAE
Foloosi	Payment Solutions Platform	Omar Bin Brek- Mohan Karuppiah	$500 K	UAE
Paymob	Digital Financial Enabler	Islam Shawky- Alain El-Hajj- Mostafa Menessy	Confidential	Egypt

Source: https://www.forbesmiddleeast.com/list/middle-east-fintech-20