UAE’s First Independent Digital Banking Platform Launched
YAP App Offers Virtual Card With Unique Security Features Such As A Unique Card Number, A Unique CVV, And An Expiration Date.
Dubai-based neobank YAP has launched the first independent digital banking platform in the UAE. Members can get a bank account, a YAP Mastercard Debit Card and an app that provides an overview of a consumer’s spending analytics, offers ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals and transfers. YAP has partnered with UAE lender RAK Bank to provide IBAN and BIN sponsorship.
The YAP App Offers A Virtual Card With Unique Security Features Such As A Unique Card Number, A Unique CVV, And An Expiration Date For Secure Online Shopping, as well as an extensive database of resources for users. Through a digital suite of instruments such as analytics and budgeting tools, bill splitting, consolidating and automating utility bill payments, and receiving reminders for payments due, the app helps users control their finances.
“YAP’s unique value proposition is the YAP Store, where YAP has developed products that specifically target unmet financial needs for underserved markets,” YAP’s head of product experience and innovation Katral-Nada Hassan told Gulf Business.
“In the UAE YAP is launching a product specific to young people called YAP Young, where parents can create accounts for their children in order to teach them about financial literacy through spending, earnings and savings via their own YAP account. YAP is also launching YAP Household, a product that allows members to create an account for their household help, where they can deposit salaries and money for household expenses directly to their household help’s own YAP account. These product features are unique to the market and we believe will not only help meet unmet needs for everyday residents of the UAE, but also target the underserved communities too.”
“In the past two months of our waiting list going live, we have already over 25,000 interested applicants on our waiting list. We believe this number will multiply as we increase our marketing efforts, and as more and more people start using YAP and sharing us with their family and friends.”
The app was designed with innovative technology in fintech to make banking easy and more accessible to consumers. “Fintechs have encouraged retail banking to focus on user experience at every point in the customer journey. Banks can no longer commit to the status quo or the regular business protocols they are used to.”
“They are now beginning to question and look at how they too can provide the best customer experience. Many banks are going through massive digital transformations and hiring digital savvy tech people to join their banks. This shift in the way banks are doing business has been accelerated by the fintech movement worldwide.”
In terms of growth, the company aims to expand beyond the UAE. “YAP aims to become the leading digital banking application of the region. We have our sights set on many neighbouring countries and are already accelerating our efforts for the new countries we plan to open before the end of the year, one being Pakistan and the other Ghana,” Hassan added.
This news was originally published at Gulf Business.