Lebanese financial technology company areeba has partnered with Wallet Factory.
The partnership will drive further mobile payment services in the Middle East region.
Wallet Factory is a Mobile Financial Services Enabler (MFSE). It offers planning, implementation and also management of mobile financial services.
Furthermore, the company’s portfolio includes a payment app and mobile wallet platform called mWallet. In addition, mWallet converts smartphone into a cashless payment tool.
The company said that its mobile wallet offers a convenient option for on-line, in-app and in-store payments, P2P transfers, management of loyalty cards, electronic tickets, mobile gifts and financial products.
mWallet works with a four-digit PIN code or fingerprint authorisation. It can be connected to multiple channels. These include digital or eWallet, credit and debit cards, bank accounts and digital currency.
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As part of the alliance, Wallet Factory will provide areeba with the technology required to enable mobile payment services.
The technology comprises the Mobile Wallet platform to process mobile payments and electronic money, along with a mobile app for users and a merchant app.
Customers can use the app for payments and money transfers, while merchant app enables sellers to generate a bill and receive payments via a QR code.
The mobile payment services for customers and merchants will drive cashless payments in Lebanon. The partners intend to implement the mobile financial services by the end of this year.