PayBy, a fintech start-up, is brightening Eid Al Adha festivities in an innovative way – with digital eidiya.
A traditional practice during Eid, eidiya is a small gift of money given to younger people, especially children. With PayBy’s cashless, contactless eidiya, money can be transferred instantly through the company’s app or by way of transfer messages on chat apps BOTIM and ToTok.
Using the PayBy app, the sender can send eidiya to loved ones by a few clicks on their phones. All that a user needs to do is enter the recipient’s mobile number on the app and transfer the eidiya, which is instantly credited to the recipient’s wallet. Both the sender and the recipient should be registered PayBy users with updated Know Your Customer [KYC] details.
PayBy’s digital eidiya can also be transferred through the chat rooms of messaging apps, BOTIM and ToTok. For a bit of festive fun, senders can even set up a chat group and send eidiya gifts to all in the group. Through this method, all group members receive a random amount, and the one who gets the most is the lucky one.
PayBy has thus enabled a safe, smart and convenient option for all – including those who are social distancing (which is also the directive of the UAE government) or unable to meet in person – to still be able to share the joy of Eid.
There are no charges for money transfers through the PayBy App and the sender can even watch the recipients’ delighted reactions on video call using BOTIM and ToTok.
Eidiya can be gifted to anyone in the UAE, even if they do not have a bank account. The electronic KYC process is safe, contactless, and convenient and only requires the user have a PayBy account and get through the identity verification by uploading the Emirates ID. The AI detects and locates faces within an image, and compares it to live users with great accuracy. The eKYC can be completed on any smartphone.
Money in the PayBy wallet can be used for retail purchases across the UAE’s leading supermarkets and retailers such as the Lulu’s, Al Ain Coop and Al Maya’s, in hotels and taxis, and for mobile top-ups and utility payments.
PayBy is already integrated into BOTIM and ToTok apps, and users of these platforms can access to PayBy services directly. The PayBy native App is currently available in Apple Store, Google Play and Huawei Store.
